An efficient iterative double auction for energy trading in microgrids
- Resource Type
- Conference
- Authors
- Majumder, Bodhisattwa P.; Faqiry, M. Nazif; Das, Sanjoy; Pahwa, Anil
- Source
- 2014 IEEE Symposium on Computational Intelligence Applications in Smart Grid (CIASG) Computational Intelligence Applications in Smart Grid (CIASG), 2014 IEEE Symposium on. :1-7 Dec, 2014
- Subject
- Bioengineering
Communication, Networking and Broadcast Technologies
Components, Circuits, Devices and Systems
Computing and Processing
General Topics for Engineers
Power, Energy and Industry Applications
Robotics and Control Systems
Vectors
Microgrids
Resource management
Simulation
Cost function
Propagation losses
microgrid
agents
trading
auction
bid
social welfare
- Language
- ISSN
- 2326-7682
2326-7690
This paper proposes a double auction mechanism for energy trade between buying and selling agents. The framework is general enough, requiring neither the agents' preferences nor the energy pricing to be fixed values across the spatially distributed agents. A microgrid controller implements a distributed algorithm to maximize individual participating agents' utilities as well as the social welfare. This is accomplished by the controller in an iterative manner, such that the need to obtain private information pertaining to individual agents' preferences is obviated. Simulation results with a set of seven buyers and an equal number of sellers indicate that the proposed iterative double auction can establish social welfare maximization, requiring only a reasonable amount of computational overhead.