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Trading agents for the smart electricity grid

Trading agents for the smart electricity grid
Trading agents for the smart electricity grid
The vision of the Smart Grid includes the creation of intelligent electricity supply networks to allow efficient use of energy resources, reduce carbon emissions and are robust to failures. One of the key assumptions underlying this vision is that it will be possible to manage the trading of electricity between homes and micro-grids while coping with the inherent real-time dynamism in electricity demand and supply. The management of these trades needs to take into account the fact that most, if not all, of the actors in the system are self-interested and transmission line capacities are constrained. Against this background, we develop and evaluate a novel market-based mechanism and novel trading strategies for the Smart Grid. Our mechanism is based on the Continuous Double Auction (CDA) and automatically manages the congestion within the system by pricing the flow of electricity. We also introduce mechanisms to ensure the system can cope with unforeseen demand or increased supply capacity in real time. Finally, we develop new strategies that we show achieve high market efficiency (typically over 90%).
smart grid, agents, continuous double auction, markets, balancing mechanism, energy
897-904
Vytelingum, Perukrishnen
51f06fc5-024c-450d-bff2-e19c943aa87e
Ramchurn, Sarvapali D.
1d62ae2a-a498-444e-912d-a6082d3aaea3
Voice, Thomas D.
89a09d93-6b28-4733-8c4d-608651dd942d
Rogers, Alex
f9130bc6-da32-474e-9fab-6c6cb8077fdc
Jennings, Nicholas R.
ab3d94cc-247c-4545-9d1e-65873d6cdb30
Vytelingum, Perukrishnen
51f06fc5-024c-450d-bff2-e19c943aa87e
Ramchurn, Sarvapali D.
1d62ae2a-a498-444e-912d-a6082d3aaea3
Voice, Thomas D.
89a09d93-6b28-4733-8c4d-608651dd942d
Rogers, Alex
f9130bc6-da32-474e-9fab-6c6cb8077fdc
Jennings, Nicholas R.
ab3d94cc-247c-4545-9d1e-65873d6cdb30

Vytelingum, Perukrishnen, Ramchurn, Sarvapali D., Voice, Thomas D., Rogers, Alex and Jennings, Nicholas R. (2010) Trading agents for the smart electricity grid. The Ninth International Conference on Autonomous Agents and Multiagent Systems (AAMAS 2010), Canada. 10 - 14 May 2010. pp. 897-904 .

Record type: Conference or Workshop Item (Paper)

Abstract

The vision of the Smart Grid includes the creation of intelligent electricity supply networks to allow efficient use of energy resources, reduce carbon emissions and are robust to failures. One of the key assumptions underlying this vision is that it will be possible to manage the trading of electricity between homes and micro-grids while coping with the inherent real-time dynamism in electricity demand and supply. The management of these trades needs to take into account the fact that most, if not all, of the actors in the system are self-interested and transmission line capacities are constrained. Against this background, we develop and evaluate a novel market-based mechanism and novel trading strategies for the Smart Grid. Our mechanism is based on the Continuous Double Auction (CDA) and automatically manages the congestion within the system by pricing the flow of electricity. We also introduce mechanisms to ensure the system can cope with unforeseen demand or increased supply capacity in real time. Finally, we develop new strategies that we show achieve high market efficiency (typically over 90%).

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More information

Submitted date: 14 May 2010
Published date: 2010
Additional Information: Event Dates: May 10-14, 2010
Venue - Dates: The Ninth International Conference on Autonomous Agents and Multiagent Systems (AAMAS 2010), Canada, 2010-05-10 - 2010-05-14
Keywords: smart grid, agents, continuous double auction, markets, balancing mechanism, energy
Organisations: Agents, Interactions & Complexity

Identifiers

Local EPrints ID: 268361
URI: https://eprints.soton.ac.uk/id/eprint/268361
PURE UUID: 3289c6fe-5ddc-4973-8bc2-c455d10eec55
ORCID for Sarvapali D. Ramchurn: ORCID iD orcid.org/0000-0001-9686-4302

Catalogue record

Date deposited: 06 Jan 2010 23:16
Last modified: 15 Oct 2019 00:44

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Contributors

Author: Perukrishnen Vytelingum
Author: Sarvapali D. Ramchurn ORCID iD
Author: Thomas D. Voice
Author: Alex Rogers
Author: Nicholas R. Jennings

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