An efficient P2P energy trading platform based on evolutionary games for prosumers in a community

This paper proposes a game-theoretic community energy management model that encourages energy trading between members of a community. The members of the community are classified as consumers and vendors. These roles are interchangeable based on the day-ahead power consumption profile. An evolutionary game is proposed to model the consumer dynamics in selecting the vendor. The vendors can select the consumer to whom they wish to sell the power by setting prices that attract consumers. Therefore, a game exists between the vendors in which competitive prices are set to lure the consumers. The game converges at a Nash equilibrium. The results of the algorithm are the preference of consumers to each vendor and the price of power set by each vendor. The interaction between various entities is modeled by a Stackelberg game. The proposed model is tested in a community in Sydney with renewable energy generators and battery storage systems. Results show the cost savings for the consumers and the profits made by the vendors. The convergence of the models shows the effectiveness of energy trading within the community for financial gains and energy conservation. The proposed model show that profits can be increased and the burden on the grid could be reduced if demand response strategies are adopted and coupled with storage systems.& COPY; 2023 Elsevier Ltd. All rights reserved.

Automated summary

This paper proposes a game-theoretic model for community energy management that promotes energy trading among community members. Consumers and vendors are classified within the community, with roles interchangeable based on power consumption profiles. An evolutionary game is used to model consumer dynamics in selecting vendors, with vendors setting competitive prices to attract consumers. The model is tested in a community in Sydney and shows cost savings for consumers and profits for vendors. The results demonstrate the effectiveness of energy trading within a community for financial gains and energy conservation, especially if combined with demand response strategies and storage systems.