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Perspective

Transactive Energy Market for Energy Management in Microgrids: The Monash Microgrid Case Study

1
Department of Electrical and Computer Systems Engineering, Monash University, Clayton VIC 3800, Australia
2
Faculty of Information Technology, Monash University, Caulfield East VIC 3145, Australia
3
Monash eResearch Centre, Monash University, Clayton VIC 3800, Australia
*
Author to whom correspondence should be addressed.
Energies 2020, 13(8), 2010; https://doi.org/10.3390/en13082010
Received: 15 March 2020 / Revised: 8 April 2020 / Accepted: 13 April 2020 / Published: 17 April 2020
(This article belongs to the Special Issue Intelligent Decentralized Energy Management in Microgrids )
Transactive energy is a novel approach for energy management and trading, which can be used in microgrids to facilitate the integration of distributed energy resources (DERs) in existing networks. The key feature in transactive energy is using market-based solutions for energy management. Hence, an appropriate transactive energy market (TEM) framework should be designed to enable and incentivize DER owners to participate in different markets. The efficient implementation of TEM for microgrid energy management encompasses the application of a variety of design principles. In this rapidly developing area, this paper presents a complete proposal of the TEM as a framework for the design, implementation, and deployment of transactive energy solutions for energy management in microgrids. In particular, we outline the requirements to design an effective market mechanism for the TEM. The applicability of this perspective is demonstrated through the introduction of the Monash Microgrid as a real-world implementation of a TEM solution, where a complete hardware and software foundation is presented as a platform to deploy a market-based solution for microgrid energy management. This is further illustrated through an example scenario, where the application of TEM is discussed to demonstrate the impact of considered design choices on achieving desired objectives.
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Keywords: distributed energy resources; renewable energy; transactive energy; microgrid energy market; demand response; flexibility market; local markets; energy management distributed energy resources; renewable energy; transactive energy; microgrid energy market; demand response; flexibility market; local markets; energy management
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MDPI and ACS Style

Khorasany, M.; Azuatalam, D.; Glasgow, R.; Liebman, A.; Razzaghi, R. Transactive Energy Market for Energy Management in Microgrids: The Monash Microgrid Case Study. Energies 2020, 13, 2010. https://doi.org/10.3390/en13082010

AMA Style

Khorasany M, Azuatalam D, Glasgow R, Liebman A, Razzaghi R. Transactive Energy Market for Energy Management in Microgrids: The Monash Microgrid Case Study. Energies. 2020; 13(8):2010. https://doi.org/10.3390/en13082010

Chicago/Turabian Style

Khorasany, Mohsen, Donald Azuatalam, Robert Glasgow, Ariel Liebman, and Reza Razzaghi. 2020. "Transactive Energy Market for Energy Management in Microgrids: The Monash Microgrid Case Study" Energies 13, no. 8: 2010. https://doi.org/10.3390/en13082010

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