Closest Energy Matching: Improving peer‐to‐peer energy trading auctions for EV owners

Abstract Herein, a novel approach to conduct peer‐to‐peer energy auctions for electric vehicles (EVs) to benefit both buyers and sellers is presented. It considers a scenario where households can sell their surplus solar energy to visiting EVs that make use of the households' vacant charge poin...

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Main Authors: Huw Thomas, Hongjian Sun, Behzad Kazemtabrizi
Format: Article
Language:English
Published: Wiley 2021-08-01
Series:IET Smart Grid
Online Access:https://doi.org/10.1049/stg2.12016
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spelling doaj-ee69387ed12644b4bd9c989ee31683b82021-07-16T17:11:17ZengWileyIET Smart Grid2515-29472021-08-014444546010.1049/stg2.12016Closest Energy Matching: Improving peer‐to‐peer energy trading auctions for EV ownersHuw Thomas0Hongjian Sun1Behzad Kazemtabrizi2Department of Engineering Durham University Durham UKDepartment of Engineering Durham University Durham UKDepartment of Engineering Durham University Durham UKAbstract Herein, a novel approach to conduct peer‐to‐peer energy auctions for electric vehicles (EVs) to benefit both buyers and sellers is presented. It considers a scenario where households can sell their surplus solar energy to visiting EVs that make use of the households' vacant charge points during the day. The aim of the energy trading is to maximise the amount of charge EVs receive from the solar energy, and increase the revenue for sellers. The novel Closest Energy Matching (CEM) double auction mechanism is proposed and it is compared with four other mechanisms. CEM allows the auction to take into account current energy requests as well as the potential future demand without requiring additional information. A novel algorithm, MARMES (MAtrix Ranking for Maximising Element Selection), is also presented to solve the optimisation problem that forms the basis of the CEM mechanism. The CEM mechanism on average results in 21.5% more solar energy used, lower cost to the consumer, a 24.9% increase in profits for sellers and a 71.4% reduction in required grid energy compared with the traditional double auction mechanism.https://doi.org/10.1049/stg2.12016
collection DOAJ
language English
format Article
sources DOAJ
author Huw Thomas
Hongjian Sun
Behzad Kazemtabrizi
spellingShingle Huw Thomas
Hongjian Sun
Behzad Kazemtabrizi
Closest Energy Matching: Improving peer‐to‐peer energy trading auctions for EV owners
IET Smart Grid
author_facet Huw Thomas
Hongjian Sun
Behzad Kazemtabrizi
author_sort Huw Thomas
title Closest Energy Matching: Improving peer‐to‐peer energy trading auctions for EV owners
title_short Closest Energy Matching: Improving peer‐to‐peer energy trading auctions for EV owners
title_full Closest Energy Matching: Improving peer‐to‐peer energy trading auctions for EV owners
title_fullStr Closest Energy Matching: Improving peer‐to‐peer energy trading auctions for EV owners
title_full_unstemmed Closest Energy Matching: Improving peer‐to‐peer energy trading auctions for EV owners
title_sort closest energy matching: improving peer‐to‐peer energy trading auctions for ev owners
publisher Wiley
series IET Smart Grid
issn 2515-2947
publishDate 2021-08-01
description Abstract Herein, a novel approach to conduct peer‐to‐peer energy auctions for electric vehicles (EVs) to benefit both buyers and sellers is presented. It considers a scenario where households can sell their surplus solar energy to visiting EVs that make use of the households' vacant charge points during the day. The aim of the energy trading is to maximise the amount of charge EVs receive from the solar energy, and increase the revenue for sellers. The novel Closest Energy Matching (CEM) double auction mechanism is proposed and it is compared with four other mechanisms. CEM allows the auction to take into account current energy requests as well as the potential future demand without requiring additional information. A novel algorithm, MARMES (MAtrix Ranking for Maximising Element Selection), is also presented to solve the optimisation problem that forms the basis of the CEM mechanism. The CEM mechanism on average results in 21.5% more solar energy used, lower cost to the consumer, a 24.9% increase in profits for sellers and a 71.4% reduction in required grid energy compared with the traditional double auction mechanism.
url https://doi.org/10.1049/stg2.12016
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