Energy Saving Behaviour based Cost Optimization in Peer-to-Peer Electricity Market

This paper investigates the role of energy saving behaviour among prosumers in minimizingsystem cost of a local peer-to-peer (P2P) electricity market. A mixed integer linear programming optimization problem is created and simulated in MATLAB for four casesconsidering a local system of 40 prosumers. It is analysed that how prosumers’ efforts to reduce their electricity use would impact overall system cost and peak power import from the grid. The results demonstrate that electricity saving, when integrating with P2P trading, can lower the system cost by 12.25% and reduce the peak power import by 3.20%. The results are also analysed for total cost of electricity purchase and total income made by prosumers by selling electricity in each case. The findings highlight the potential of energy saving and energy sharing among peers for economic benefits and reduction in grid dependency.