Multiple Vickrey Auctions for Sustainable Electric Vehicle Charging

Electric vehicles (EVs) are important contributors to a sustainable future. However, uncontrolled EV charging in the smart grid is expected to stress its infrastructure, as it needs to accommodate extra electricity demand coming from EV charging. We propose an auction mechanism to optimally schedule EV charging in a sustainable manner so that the grid is not overloaded. Our solution has lower computational complexity, compared to state-of-the-art mechanisms, making it easily applicable to practice. Our mechanism creates electricity peak demand reduction, which is important for improving sustainability in the grid, and provides optimized charging speed design recommendations so that raw materials are not excessively used. We prove the optimal conditions that must hold, so that different stakeholder objectives are satisfied. We validate our mechanism on real-world data and examine how different trade-offs affect social welfare and revenues, providing a holistic view to grid stakeholders that need to satisfy potentially conflicting objectives

Load Balancing in the Smart Grid: A Package Auction and Compact Bidding Language

Distribution system operators (DSOs) are faced with new challenges from the continuous integration of fluctuating renewable energy resources and new dynamic customer loads such as electric vehicles, into the power grid. To ensure continuous balancing of supply and demand, we propose procurement package auctions to allocate load flexibility from aggregators and customers. The contributions of this research are an incentive-compatible load flexibility auction along with a compact bidding language. It allows bidders to express minimum and maximum amounts of flexibility along with unit prices in single bids for varying time periods. We perform a simulation-based evaluation and assess costs and benefits for DSOs and balancing suppliers given scenarios of varying complexity as well as computational aspects of the auction. Our initial findings provide evidence that load flexibility auctions can reduce DSO costs substantially and that procurement package auctions are well-suited to address the grid load balancing problem

Transforming Energy Networks via Peer to Peer Energy Trading: Potential of Game Theoretic Approaches

Peer-to-peer (P2P) energy trading has emerged as a next-generation energy management mechanism for the smart grid that enables each prosumer of the network to participate in energy trading with one another and the grid. This poses a significant challenge in terms of modeling the decision-making process of each participant with conflicting interest and motivating prosumers to participate in energy trading and to cooperate, if necessary, for achieving different energy management goals. Therefore, such decision-making process needs to be built on solid mathematical and signal processing tools that can ensure an efficient operation of the smart grid. This paper provides an overview of the use of game theoretic approaches for P2P energy trading as a feasible and effective means of energy management. As such, we discuss various games and auction theoretic approaches by following a systematic classification to provide information on the importance of game theory for smart energy research. Then, the paper focuses on the P2P energy trading describing its key features and giving an introduction to an existing P2P testbed. Further, the paper zooms into the detail of some specific game and auction theoretic models that have recently been used in P2P energy trading and discusses some important finding of these schemes.Comment: 38 pages, single column, double spac