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Management of Scheduling and Trading in Hybrid Energy Trading Market
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Author(s): Yuan Wu (Zhejiang University of Technology, China), Xiaoqi Tan (Hong Kong University of Science and Technology, China), Li Ping Qian (Zhejiang University of Technology, China), Danny H. K. Tsang (Hong Kong University of Science and Technology, China), Wen-Zhan Song (Georgia State University, USA)and Li Yu (Zhejiang University of Technology, China)
Copyright: 2016
Pages: 26
Source title:
Smart Grid as a Solution for Renewable and Efficient Energy
Source Author(s)/Editor(s): Ayaz Ahmad (COMSATS Institute of Information Technology, Pakistan)and Naveed Ul Hassan (LUMS School of Science & Engineering, Pakistan)
DOI: 10.4018/978-1-5225-0072-8.ch006
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Abstract
We introduce a novel hybrid energy trading model in SG and illustrate the associated optimal energy scheduling and trading management. The hybrid model consists of an external retail market and a local energy trading market managed by a local trading controller (LTC) whose purpose is to coordinate the local transactions between energy consumers and suppliers. The flexibility in trading with the utility company and the LTC provide a new opportunity for benefiting the energy consumers and suppliers. We quantify such benefits and formulate the mathematical optimization problems, with the objective of optimizing the consumers' and suppliers' rewards through controlling their energy demands and provisionings, and controlling the pricing of the LTC. We model two different types of the LTC's objective when it manages the local trading, i.e., the nonprofit-oriented one and the profit-oriented one. Furthermore, we consider that multiple LTCs coexist in the hybrid market, and present the mathematical optimization problems regarding the optimal energy scheduling and trading problems.
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