Optimal Prosumer Operation with Consideration for Bounded Rationality in Peer-to-Peer Energy Trading Systems

Abstract

With the large-scale development of distributed energy on the demand side, the trend of “supply exceeding demand” has gradually become prominent, and regional peer-to-peer (P2P) energy trading has become an important measure to improve the local consumption of distributed energy. However, most existing studies usually assume that prosumers behave entirely rationally with the goal of maximum benefit, which has been proved to deviate from the observed actual behaviors. Aiming at the optimal energy of prosumers participating in the P2P market, a prospect theory-based two-stage stochastic optimization model considering the bounded rationality was proposed to accurately simulate the decision-making behavior. Then, a benefit maximization model for the energy trading service provider (ETSP) was constructed considering the power flow constraint to ensure the safe operation of the system. Finally, an improved R-ADMM algorithm considering timeout was proposed to solve the above model and improve the convergence speed. The effectiveness of the proposed model and algorithm was verified via simulation.