Transactive Implementation of Decentralized Electricity Market for Grid-Edge Systems

The electricity landscape is evolving towards more decentralized approaches due to the proliferation of distributed energy resources and the participation of increasingly smart consumers and producers (prosumers). Recent advances in information and communication technologies and smart metering, provides strategic opportunities for "prosumers" to reform their conventional energy practices towards more consumer-centric economies. From an operational perspective, managing power distribution networks is becoming more difficult with such active grid-edge systems providing limited to no visibility or control. Transactive Energy (TE) has been emerging as a key enabler towards effectively and efficiently integrating prosumers into competitive electricity markets. This work presents a transactive implementation of community-centric markets. A co-simulation framework is developed for evaluating the proposed market structure with high-fidelity models. Case studies on the IEEE-123 node test system demonstrate that community-centric transactive markets can enable communities of prosumers to operate collaboratively as grid-edge systems. The potential benefits of implementing community-centric TE systems are also illustrated.