Paper Info
Title
Posted-Price Retailing of Transactive Energy: An Optimal Online Mechanism Without Prediction
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.
Year
DOI
Venue
2020
10.1109/JSAC.2019.2951930
IEEE Journal on Selected Areas in Communications
Keywords
Field
DocType
Pricing,Electric vehicle charging,Power demand,Transactive energy,Companies,Uncertainty,Smart grids
Industrial engineering,Computer science,Computer network,Transactive energy
Journal
Volume
Issue
ISSN
38
1
0733-8716
Citations 
PageRank 
References 
1
0.35
0
Authors
4
Name
Order
Citations
PageRank
Xiaoqi Tan19114.79
Alberto Leon-Garcia21718264.79
Yuan Wu353861.11
Danny H. K. Tsang494595.24