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The continuous penetration of distributed energy resources (DER) in theelectric power grid is driving a new paradigm shift towards transactive energysystem (TES), an active and more sustainable system characterized bydistributed generation and energy exchanges among consumers and producers inthe network. This transition, however, comes with challenges such as dealingwith the nonlinear and non-convex power flows of the system, determining anoptimal transaction price to maximize overall system welfare, and ensuringfairness for all participants. In this paper, we propose a three-stagetransactive energy framework that aims to address these challenges. In thefirst stage, the cost without trading is calculated which will serve as thereference in the profit maximization problem in the next stage. DER dispatch,power flows and initial transaction payments/incentives of the participantswill then be determined in the second stage. A benefit allocation algorithm isapplied in the third control stage to determine the optimal transaction priceand final payments/incentives that will ensure fairness for tradingparticipants. The proposed framework was tested in an IEEE 33-bus system andresults show that fair benefits are given for all participants during tradingand the system operates within the network and economic constraints.

A Transactive Energy Market Framework Considering Network Constraints and Fairness