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Posted-Price Retailing of Transactive Energy: An Optimal Online Mechanism without Prediction
Tan Xiaoqi1; Leon-Garcia Alberto1; Wu Yuan2; Tsang Danny H.K.3
2020-01
Source PublicationIEEE Journal on Selected Areas in Communications
ISSN0733-8716
Volume38Issue:1Pages:5-16
Abstract

In this paper, we study a general transactive energy (TE) retailing problem in smart grids: a TE retailer (e.g., a utility company) publishes the energy price, which may vary over time. TE customers arrive in an arbitrary manner and may choose to either purchase a certain amount of energy based on the posted price, or leave without buying. Typical examples of such a setup include a transactive electric vehicle charging platform, or a general market-based demand-side management program, etc. We consider the setting where the customer arrival information is unknown (i.e., without prediction), and focus on maximizing the social welfare of the TE system through a posted-price mechanism (PPM) that runs in an online fashion with causal information only. We quantify the performance of the proposed PPM in the competitive analysis framework, and show that our proposed PPM is optimal in the sense that no other online mechanisms can achieve a better competitive ratio. We evaluate our theoretic results for the case of transactive electric vehicle charging. Our extensive experimental results show that the proposed PPM is competitive and robust against system uncertainties, and outperforms several existing benchmarks.

KeywordCompetitive Analysis Mechanism Design Pricing Smart Grid Transactive Energy
DOI10.1109/JSAC.2019.2951930
URLView the original
Indexed BySCIE
Language英語English
WOS Research AreaEngineering ; Telecommunications
WOS SubjectEngineering, Electrical & Electronic ; Telecommunications
WOS IDWOS:000510714300002
PublisherIEEE-INST ELECTRICAL ELECTRONICS ENGINEERS INC, 445 HOES LANE, PISCATAWAY, NJ 08855-4141 USA
Scopus ID2-s2.0-85074846121
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Document TypeJournal article
CollectionUniversity of Macau
Corresponding AuthorTan Xiaoqi
Affiliation1.Edward S. Rogers Sr. Department of Electrical and Computer Engineering,University of Toronto,Toronto,M5S 1A1,Canada
2.State Key Lab of Internet of Things for Smart City,University of Macau,Macao
3.Department of Electronic and Computer Engineering,Hong Kong University of Science and Technology,Hong Kong,Hong Kong
Recommended Citation
GB/T 7714
Tan Xiaoqi,Leon-Garcia Alberto,Wu Yuan,et al. Posted-Price Retailing of Transactive Energy: An Optimal Online Mechanism without Prediction[J]. IEEE Journal on Selected Areas in Communications, 2020, 38(1), 5-16.
APA Tan Xiaoqi., Leon-Garcia Alberto., Wu Yuan., & Tsang Danny H.K. (2020). Posted-Price Retailing of Transactive Energy: An Optimal Online Mechanism without Prediction. IEEE Journal on Selected Areas in Communications, 38(1), 5-16.
MLA Tan Xiaoqi,et al."Posted-Price Retailing of Transactive Energy: An Optimal Online Mechanism without Prediction".IEEE Journal on Selected Areas in Communications 38.1(2020):5-16.
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