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This research proposes a novel auction mechanism for transactive energyexchange between buyers and sellers, modeled as agents in a microgrid. Themechanism is implemented by a separate microgrid controller (MC) agent, andrequires big data flow with the other agents through an iterative biddingprocess. Although private user information remains hidden to the MC, atheoretical analysis shows that under the assumption of convexity of the agentsutilities, the proposed auction is still able to maximize the social welfare(SW), i.e. the aggregate utilities of the agents. In addition, it is shown thatthe mechanism exhibits the key desirable features of individual rationality andweak budget balance, guaranteeing that neither the payoff to any agent nor thenet monetary revenue after termination, is negative. The proposed approach alsoincorporates a mechanism to redistribute the sellers shares in a fair manner.As an example, a maximum entropy based fair redistribution scheme is addressed.The theoretical analysis reported here is accompanied by extensive set ofsimulations that illustrate the various aspects of the proposed mechanism.

Transactive Energy Auction with Hidden User Information in Microgrid