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Approaching Prosumer Social Optimum via Energy Sharing with Proof of Convergence

Chen, Yue and Zhao, Changhong and Low, Steven H. and Mei, Shengwei (2021) Approaching Prosumer Social Optimum via Energy Sharing with Proof of Convergence. In: 55th Annual Conference on Information Sciences and Systems (CISS). IEEE , Piscataway, NJ, p. 1. ISBN 9781665412681. https://resolver.caltech.edu/CaltechAUTHORS:20210503-115704998

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Abstract

The conventional power system operation approach has been proven to be effective and reliable for decades. Specially, at the demand side, customers are managed centrally by aggregators and usually not price-responsive. With the prevalence of distributed energy resources (DERs), traditional consumers are now endowed with the ability to produce energy, turning into so-called prosumers. Prosumers can tradeoff between supply and demand and participate in energy management proactively. At the same time, the intermittent and uncertain nature of DERs call for a stronger capability of dealing with real-time energy fluctuation. In this context, exploiting demand-side flexibility to support real-time energy balancing, which can reduce required generation reserves and save costs, is a promising direction for energy system modernization. However, the traditional centralized scheme fails to allow a prosumer to act upon its profit-maximizing philosophy, which reduces prosumer incentives and restricts demand-side flexibility. Therefore, a new prosumer-oriented approach is desired.


Item Type:Book Section
Related URLs:
URLURL TypeDescription
https://doi.org/10.1109/ciss50987.2021.9400276DOIArticle
https://resolver.caltech.edu/CaltechAUTHORS:20210113-163505633Related ItemJournal Article
ORCID:
AuthorORCID
Chen, Yue0000-0002-7594-7587
Zhao, Changhong0000-0003-0539-8591
Low, Steven H.0000-0001-6476-3048
Mei, Shengwei0000-0002-2757-5977
Additional Information:© 2021 IEEE.
Record Number:CaltechAUTHORS:20210503-115704998
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20210503-115704998
Official Citation:Y. Chen, C. Zhao, S. H. Low and S. Mei, "Approaching Prosumer Social Optimum via Energy Sharing with Proof of Convergence," 2021 55th Annual Conference on Information Sciences and Systems (CISS), 2021, pp. 1-1, doi: 10.1109/CISS50987.2021.9400276
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:108939
Collection:CaltechAUTHORS
Deposited By: George Porter
Deposited On:03 May 2021 22:42
Last Modified:03 May 2021 22:53

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