Peer to peer round-robin based algorithms for decentralized power trading

The shortcomings of non-renewable sources of energy have driven the electric industry to shift its focus towards renewable and sustainable sources of energy. This, along with various incentives and subsidies introduced by the central government in India, has led to adoption of domestic PV systems in households across the country, thus, giving rise to a new type of player in the market – the Prosumer. A prosumer both consumes as well as produces power. Hence, when the Prosumer has more power than it needs for consumption, it can sell the power. In the existing power market, government or privately owned power companies act as central entities, meeting the demand and supply of the consumers. Traditionally, the single point of interaction for both consumers and prosumers is the central entity or distribution company. This study proposes novel approaches for a distributed power trading system, facilitating effective energy trading between all the players in the market. The objective is to provide a more economically efficient system to incorporate the prosumers in the market by simulating the behavior of consumers and prosumers in different approaches and analyzing the economic output in each case.