VirtElect: A Peer-to-Peer Trading Platform for Local Energy Transactions

Jogunola, Olamide ORCID: https://orcid.org/0000-0002-2701-9524, Tsado, Yakubu, Adebisi, Bamidele and Hammoudeh, Mohammad (2022) VirtElect: A Peer-to-Peer Trading Platform for Local Energy Transactions. IEEE Internet of Things Journal, 9 (8). pp. 6121-6133. ISSN 2327-4662

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Official URL: https://ieeexplore.ieee.org/document/9527319

Abstract

An average UK electricity bill is made up of at least 60% service charge, with approximately 22% related to network characteristics including distance charge. This makes distance and network constraints important factors in matching prosumers on any peer-to-peer energy trading platform as assessed in this paper. To realise that, A platform -VirtElect, based on a double auction market is developed to support the matching interaction between prosumers. Case studies based on real microgrid data are used to verify the performance of the platform in demonstrating the potential of local energy consumption. Results show that it is possible to balance local energy generation and consumption, with little or no interaction with the utility grid. We also show that local energy trading is not only beneficial to the environment but also leads to a significant amount of cost savings of up to 45%, depending on the number of participants and their ratios on the platform.

Item Type:	Article
Peer-reviewed:	Yes
Date Deposited:	07 Sep 2021 08:51
Publisher:	Institute of Electrical and Electronics Engineers (IEEE)
Additional Information:	© 2021 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.
Divisions:	Faculties > Science and Engineering Research Centres > Centre for Advanced Computational Science
Subject terms:	0805 Distributed Computing, 1005 Communications Technologies
URI:	https://e-space.mmu.ac.uk/id/eprint/628359
DOI:	https://doi.org/10.1109/jiot.2021.3109613
ISSN	2327-4662
e-ISSN	2327-4662

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