A Generic Parametric Framework for Peer-to-Peer Electricity Market Design

This paper proposes a generic parametric framework for designing peer-to-peer (P2P) electricity markets. The framework builds on a feature-based representation and strategy-based expression of the inputs and processes governing the platform operation. The model parameters are optimized to achieve design goals. The paper provides examples of agent features, order features, and platform strategies based on a thorough review of the P2P electricity market from recent literature and industrial implementations. The feature-based modeling approach accommodates capturing detailed characteristics of both the market design and participants. The proposed unified and generic framework is comprehensive and brings together all platform components, that a platform owner can then tune or optimize accordingly. The proposed framework can serve as a reference for developing future P2P electricity markets. It is customizable to suit the specific needs of an electricity marketplace. The feature-based approach facilitates market simulation to assess different market management algorithms. Finally, the paper identifies challenges and open research issues that need to be considered when designing P2P electricity markets.