Coalitional game theoretic optimization of electricity cost for communities of smart households

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Abstract

In this paper we propose a novel coalitional game theory based optimization method for minimizing the cost of the electricity consumed from the power grid by a community of smart households. A smart household may own both a renewable energy source and an energy storage system (ESS), or only an ESS. We propose an optimization model in which all the members of the community jointly share their renewable resources and storage systems. We show that the proposed coalitional optimization method reduces the consumption costs both at community level and at the individual level when compared to the case in which the households would individually optimize their costs. The monetary revenues gained by the coalition are divided among the members of the coalition according to the Shapley value. Simulation examples show that the proposed coalitional optimization method may reduce the electricity costs for the community by roughly 18%.

Details

Original languageEnglish
Title of host publication2017 IEEE International Conference on Acoustics, Speech, and Signal Processing, ICASSP 2017 - Proceedings
Publication statusPublished - 16 Jun 2017
MoE publication typeA4 Article in a conference publication
EventIEEE International Conference on Acoustics, Speech, and Signal Processing - New Orleans, United States
Duration: 5 Mar 20179 Mar 2017

Publication series

NameProceedings of the IEEE International Conference on Acoustics, Speech, and Signal Processing
PublisherIEEE
ISSN (Electronic)2379-190X

Conference

ConferenceIEEE International Conference on Acoustics, Speech, and Signal Processing
Abbreviated titleICASSP
CountryUnited States
CityNew Orleans
Period05/03/201709/03/2017

    Research areas

  • coalitional game theory, cost reduction, renewable resources, Smart grids, smart households

ID: 14451488