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With the sustained deployment of distributed generation capacities and themore proactive role of consumers, power systems and their operation aredrifting away from a conventional top-down hierarchical structure. Electricitymarket structures, however, have not yet embraced that evolution. Respectingthe high-dimensional, distributed and dynamic nature of modern power systemswould translate to designing peer-to-peer markets or, at least, to using suchan underlying decentralized structure to enable a bottom-up approach to futureelectricity markets. A peer-to-peer market structure based on a Multi-BilateralEconomic Dispatch (MBED) formulation is introduced, allowing formulti-bilateral trading with product differentiation, for instance based onconsumer preferences. A Relaxed Consensus+Innovation (RCI) approach isdescribed to solve the MBED in fully decentralized manner. A set of realisticcase studies and their analysis allow us showing that such peer-to-peer marketstructures can effectively yield market outcomes that are different fromcentralized market structures and optimal in terms of respecting consumerspreferences while maximizing social welfare. Additionally, the RCI solvingapproach allows for a fully decentralized market clearing which converges witha negligible optimality gap, with a limited amount of information being shared.

Consensus-based approach to peer-to-peer electricity markets with product differentiation