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17 pages, 367 KB

Open AccessFeature PaperArticle

Comparative Analysis of Market Clearing Mechanisms for Peer-to-Peer Energy Market Based on Double Auction

by Kisal Kawshika Gunawardana Hathamune Liyanage and Shama Naz Islam

Energies 2024, 17(22), 5708; https://doi.org/10.3390/en17225708 - 14 Nov 2024

Cited by 2 | Viewed by 2676

This paper aims to develop an optimisation-based price bid generation mechanism for the sellers and buyers in a double-auction-aided peer-to-peer (P2P) energy trading market. With consumers being prosumers through the continuous adoption of distributed energy resources, P2P energy trading models offer a paradigm [...] Read more.

This paper aims to develop an optimisation-based price bid generation mechanism for the sellers and buyers in a double-auction-aided peer-to-peer (P2P) energy trading market. With consumers being prosumers through the continuous adoption of distributed energy resources, P2P energy trading models offer a paradigm shift in energy market operation. Thus, it is essential to develop market models and mechanisms that can maximise the incentives for participation in the P2P energy market. In this sense, the proposed approach focuses on maximising profit at the sellers, as well as maximising cost savings at the buyers. The bids generated from the proposed approach are integrated with three different market clearing mechanisms, and the corresponding market clearing prices are compared. A numerical analysis is performed on a real-life dataset from Ausgrid to demonstrate the bids generated from sellers/buyers, as well as the associated market clearing prices throughout different months of the year. It can be observed that the market clearing prices are lower when the solar generation is higher. The statistical analysis demonstrates that all three market clearing mechanisms can achieve a consistent market clearing price within a range of 5 cents/kWh for 50% of the time when trading takes place. Full article

(This article belongs to the Section A1: Smart Grids and Microgrids)

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7 pages, 516 KB

Open AccessCommunication

Serological Evidence of Crimean–Congo Haemorrhagic Fever in Livestock in the Omaheke Region of Namibia

by Alaster Samkange, Pricilla Mbiri, Ophelia Chuma Matomola, Georgina Zaire, Anna Homateni, Elifas Junias, Israel Kaatura, Siegfried Khaiseb, Simson Ekandjo, Johannes Shoopala, Magrecia Hausiku, Albertina Shilongo, Mushabati Linus Mujiwa, Klaas Dietze, Frank Busch, Christian Winter, Carolina Matos, Sabrina Weiss and Simbarashe Chitanga

Microorganisms 2024, 12(4), 838; https://doi.org/10.3390/microorganisms12040838 - 22 Apr 2024

Cited by 2 | Viewed by 2215

Abstract

This research examined the positivity ratio of Crimean–Congo haemorrhagic fever (CCHF) antibodies in cattle and sheep within Namibia’s Omaheke region after a human disease outbreak in the same geographical area. A total of 200 samples (100 cattle and 100 sheep) were randomly collected [...] Read more.

This research examined the positivity ratio of Crimean–Congo haemorrhagic fever (CCHF) antibodies in cattle and sheep within Namibia’s Omaheke region after a human disease outbreak in the same geographical area. A total of 200 samples (100 cattle and 100 sheep) were randomly collected from animals brought to two regional auction sites, and then tested using the ID Screen^® CCHF Double Antigen Multi-Species Enzyme-Linked Immunosorbent Assay kit. Of the cattle samples, 36% tested positive, while 22% of the sheep samples were seropositive. The cattle had a significantly higher positivity ratio than sheep at the individual animal level (p = 0.0291). At the herd level, 62.5% of cattle herds and 45.5% of sheep flocks had at least one positive animal, but this difference was statistically insignificant (p = 0.2475). The fourteen cattle farms with at least one seropositive animal were dispersed across the Omaheke region. In contrast, the ten sheep farms with seropositive cases were predominantly situated in the southern half of the region. The study concluded that the CCHF is endemic in the Omaheke region and likely in most of Namibia, underscoring the importance of continued surveillance and preventive measures to mitigate the impact of CCHFV on animal health and potential spillover into human populations. Full article

(This article belongs to the Special Issue Emerging Pathogens in the Context of One Health)

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26 pages, 842 KB

Open AccessArticle

Insights on the Statistics and Market Behavior of Frequent Batch Auctions

by Thiago W. Alves, Ionuţ Florescu and Dragoş Bozdog

Mathematics 2023, 11(5), 1223; https://doi.org/10.3390/math11051223 - 2 Mar 2023

Viewed by 4704

Abstract

This paper extends previous research performed with the SHIFT financial market simulation platform. In our previous work, we show how this order-driven, distributed asynchronous, and multi-asset simulated environment is capable of reproducing known stylized facts of real continuous double auction financial markets. Using [...] Read more.

This paper extends previous research performed with the SHIFT financial market simulation platform. In our previous work, we show how this order-driven, distributed asynchronous, and multi-asset simulated environment is capable of reproducing known stylized facts of real continuous double auction financial markets. Using the platform, we study a pricing mechanism based on frequent batch auctions (FBA) proposed by a group of researchers from University of Chicago. We demonstrate our simulator’s capability as an environment to experiment with potential rule changes. We present the first side-by-side comparison of frequent batch auctions with a continuous double auction. We show that FBA is superior in terms of market quality measures but we also discover a potential problem in the technical implementation of FBA. Full article

(This article belongs to the Special Issue Statistical Methods of Analyzing Financial Equilibrium, Performance and Risk)

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21 pages, 1590 KB

Open AccessArticle

Potential Benefits for Residential Building with Photovoltaic Battery System Participation in Peer-to-Peer Energy Trading

by Bidan Zhang, Yang Du, Xiaoyang Chen, Eng Gee Lim, Lin Jiang and Ke Yan

Energies 2022, 15(11), 3913; https://doi.org/10.3390/en15113913 - 25 May 2022

Cited by 10 | Viewed by 2887

Abstract

The increasing number of residential buildings that are installing distributed energy resources enforces the need for schemes to facilitate a local energy balance. With the continuing evolution of Internet of Things (IoT) technology, Peer-to-Peer (P2P) energy trading is becoming a viable solution to [...] Read more.

The increasing number of residential buildings that are installing distributed energy resources enforces the need for schemes to facilitate a local energy balance. With the continuing evolution of Internet of Things (IoT) technology, Peer-to-Peer (P2P) energy trading is becoming a viable solution to incentivize prosumers and promote efficient energy sharing in a community. This paper develops a model to quantitatively analyze the potential benefits of P2P energy trading for residential buildings that have installed photovoltaic battery systems. The integration of the bidding strategy into a residential energy-management system is feasible to realize cost savings for prosumers. However, the coordination between the bidding strategy and the optimal scheduling of energy has received far too little attention. To better participate in the P2P market, we propose a novel separate bidding energy-management system (SBEMS) that can realize rolling optimal energy scheduling while determining energy bids. The model’s effectiveness is verified via case studies of 75 participants in a community. The results indicate that the prosumers can reduce their costs by up to 24% by employing the proposed SBEMS in the P2P market. In addition, the proposed method is found to offer better performance in terms of economic and technical indices. Full article

(This article belongs to the Topic Advances in Energy Market and Power System Modelling and Optimization)

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20 pages, 876 KB

Open AccessArticle

Impact Analysis of Financial Regulation on Multi-Asset Markets Using Artificial Market Simulations

by Masanori Hirano, Kiyoshi Izumi, Takashi Shimada, Hiroyasu Matsushima and Hiroki Sakaji

J. Risk Financial Manag. 2020, 13(4), 75; https://doi.org/10.3390/jrfm13040075 - 17 Apr 2020

Cited by 9 | Viewed by 4778

Abstract

In this study, we assessed the impact of capital adequacy ratio (CAR) regulation in the Basel regulatory framework. This regulation was established to make the banking network robust. However, a previous work argued that CAR regulation has a destabilization effect on financial markets. [...] Read more.

In this study, we assessed the impact of capital adequacy ratio (CAR) regulation in the Basel regulatory framework. This regulation was established to make the banking network robust. However, a previous work argued that CAR regulation has a destabilization effect on financial markets. To assess impacts such as destabilizing effects, we conducted simulations of an artificial market, one of the computer simulations imitating real financial markets. In the simulation, we proposed and used a new model with continuous double auction markets, stylized trading agents, and two kinds of portfolio trading agents. Both portfolio trading agents had trading strategies incorporating Markowitz’s portfolio optimization. Additionally, one type of portfolio trading agent was under regulation. From the simulations, we found that portfolio optimization as each trader’s strategy stabilizes markets, and CAR regulation destabilizes markets in various aspects. These results show that CAR regulation can have negative effects on asset markets. As future work, we should confirm these effects empirically and consider how to balance between both positive and negative aspects of CAR regulation. Full article

(This article belongs to the Special Issue AI and Financial Markets)

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18 pages, 2645 KB

Open AccessArticle

Research and Application of Continuous Bidirectional Trading Mechanism in Yunnan Electricity Market

by Xuguang Yu, Gang Li, Chuntian Cheng, Yongjun Sun and Ran Chen

Energies 2019, 12(24), 4663; https://doi.org/10.3390/en12244663 - 8 Dec 2019

Cited by 8 | Viewed by 3733

Abstract

To further promote market competition, enrich trading varieties, alleviate information asymmetry, and improve trading efficiency during electricity market reform in China, the continuous bidirectional transaction (CBT) was designed and applied in the Yunnan electricity market (YNEM), which is dominated by medium- and long-term [...] Read more.

To further promote market competition, enrich trading varieties, alleviate information asymmetry, and improve trading efficiency during electricity market reform in China, the continuous bidirectional transaction (CBT) was designed and applied in the Yunnan electricity market (YNEM), which is dominated by medium- and long-term power energy trading. The clearing model for the CBT with the goal of maximum social welfare is proposed in two bidding stages, including call auction (CA) and continuous double auction (CDA). Correspondingly, the integrated two-stage market clearing algorithm is also introduced to ensure the data consistency and business continuity. Finally, the analysis of the practical application shows that the proposed model, algorithm, and various key implementation strategies of the trading platform support the bidding and clearing of the CBT well. In addition, the research and application of CBT may also provide valuable insights for other electricity market construction. Full article

(This article belongs to the Special Issue Market Design for a High-Renewables Electricity System)

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19 pages, 3613 KB

Open AccessArticle

Distributed Ledger Technologies for Peer-to-Peer Local Markets in Distribution Networks

by Matteo Troncia, Marco Galici, Mario Mureddu, Emilio Ghiani and Fabrizio Pilo

Energies 2019, 12(17), 3249; https://doi.org/10.3390/en12173249 - 23 Aug 2019

Cited by 39 | Viewed by 5106

Abstract

The newest Distributed Ledger Technology platforms, which delegate the execution of complex tasks in the form of Smart Contracts, make it possible to devise novel local electricity market frameworks, which are performed in a fully automated fashion. This paper proposes a novel fully [...] Read more.

The newest Distributed Ledger Technology platforms, which delegate the execution of complex tasks in the form of Smart Contracts, make it possible to devise novel local electricity market frameworks, which are performed in a fully automated fashion. This paper proposes a novel fully automated platform for energy and ancillary service markets in distribution networks, able to run in a decentralized fashion, bypassing the need for a physical central authority. The proposed platform, able to perform the role of Virtual Decentralized Market Authority, shows excellent potential applications in the management of local ancillary service markets in local energy communities of various sizes. The proposed Virtual Decentralized Market Authority showed reasonable running costs and comparable technical management capabilities with respect to a physical, centralized managing authority. Full article

(This article belongs to the Special Issue Distribution System Optimization)

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26 pages, 2072 KB

Open AccessFeature PaperArticle

A Q-Cube Framework of Reinforcement Learning Algorithm for Continuous Double Auction among Microgrids

by Ning Wang, Weisheng Xu, Weihui Shao and Zhiyu Xu

Energies 2019, 12(15), 2891; https://doi.org/10.3390/en12152891 - 26 Jul 2019

Cited by 16 | Viewed by 4118

Abstract

Decision-making of microgrids in the condition of a dynamic uncertain bidding environment has always been a significant subject of interest in the context of energy markets. The emerging application of reinforcement learning algorithms in energy markets provides solutions to this problem. In this [...] Read more.

Decision-making of microgrids in the condition of a dynamic uncertain bidding environment has always been a significant subject of interest in the context of energy markets. The emerging application of reinforcement learning algorithms in energy markets provides solutions to this problem. In this paper, we investigate the potential of applying a Q-learning algorithm into a continuous double auction mechanism. By choosing a global supply and demand relationship as states and considering both bidding price and quantity as actions, a new Q-learning architecture is proposed to better reflect personalized bidding preferences and response to real-time market conditions. The application of battery energy storage system performs an alternative form of demand response by exerting potential capacity. A Q-cube framework is designed to describe the Q-value distribution iteration. Results from a case study on 14 microgrids in Guizhou Province, China indicate that the proposed Q-cube framework is capable of making rational bidding decisions and raising the microgrids’ profits. Full article

(This article belongs to the Special Issue Market Design for a High-Renewables Electricity System)

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14 pages, 2114 KB

Open AccessArticle

A Study of Fuel Cell Scheduling Effect on Local Energy Markets with Heterogeneous Renewable Sources

by Borislava Spasova, Daisuke Kawamoto and Yoshiyasu Takefuji

Energies 2019, 12(5), 854; https://doi.org/10.3390/en12050854 - 5 Mar 2019

Cited by 4 | Viewed by 3010

Abstract

The study presented in this paper aims to show the impact of introducing a priority-based internal power flow management system on the local energy market of prosumers with solar panels, fuels cells and batteries. The community used for the study is based on [...] Read more.

The study presented in this paper aims to show the impact of introducing a priority-based internal power flow management system on the local energy market of prosumers with solar panels, fuels cells and batteries. The community used for the study is based on the Open Energy Systems (OES), in which 19 autonomous subsystems, equipped with batteries, solar panels and AC grid connection are interconnected via a DC power bus. For the simulation purposes, fuel cell, modeled after Ene-Farm, is added to the original configuration. Each standalone system has internal, priority-based, agent, capable of scheduling the operating hours of the fuels cell to maximize the utilization of the generation and minimize curtailment. The energy market is based on a simplified version of the Zaraba, a continuous double auction algorithm used by the Japanese Stock Exchange, in which prosumer can submit a bid for a future timeslot. The preliminary numerical evaluation is based on the results from several simulations using different versions of the internal management system. Full article

(This article belongs to the Special Issue Selected Papers from EEEIC 2018—18th International Conference on Environment and Electrical Engineering)

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22 pages, 2258 KB

Open AccessArticle

A Novel Electricity Transaction Mode of Microgrids Based on Blockchain and Continuous Double Auction

by Jian Wang, Qianggang Wang, Niancheng Zhou and Yuan Chi

Energies 2017, 10(12), 1971; https://doi.org/10.3390/en10121971 - 26 Nov 2017

Cited by 176 | Viewed by 10649

Abstract

The installed capacity of distributed generation (DG) based on renewable energy sources has increased continuously in power systems, and its market-oriented transaction is imperative. However, traditional transaction management based on centralized organizations has many disadvantages, such as high operation cost, low transparency, and [...] Read more.

The installed capacity of distributed generation (DG) based on renewable energy sources has increased continuously in power systems, and its market-oriented transaction is imperative. However, traditional transaction management based on centralized organizations has many disadvantages, such as high operation cost, low transparency, and potential risk of transaction data modification. Therefore, a decentralized electricity transaction mode for microgrids is proposed in this study based on blockchain and continuous double auction (CDA) mechanism. A buyer and seller initially complete the transaction matching in the CDA market. In view of the frequent price fluctuation in the CDA market, an adaptive aggressiveness strategy is used to adjust the quotation timely according to market changes. DG and consumer exchange digital certificate of power and expenditure on the blockchain system and the interests of consumers are then guaranteed by multi-signature when DG cannot generate power due to failure or other reasons. The digital certification of electricity assets is replaced by the sequence number with specific tags in the transaction script, and the size of digital certification can be adjusted according to transaction energy quantity. Finally, the feasibility of market mechanism through specific microgrid case and settlement process is also provided. Full article

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