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With the rapid development of distributed energy resources, increasing numberof residential and commercial users have been switched from pure electricityconsumers to prosumers that can both consume and produce energy. To properlymanage these emerging prosumers, a peer-to-peer electricity market has beenexplored and extensively studied. In such an electricity market, each prosumertrades energy directly with other prosumers, posing a serious challenge to thescalability of the market. Therefore, a bilateral energy trading mechanism withgood scalability is proposed for electricity markets with numerous prosumers inthis paper. First, the multi-bilateral economic dispatch problem that maximizesthe social welfare is formulated, taking into account product differentiationand network constraints. Then, an energy trading mechanism is devised toimprove the scalability from two aspects: (i) an accelerated distributedclearing algorithm with less exchanged information and faster convergence rate.(ii) a novel selection strategy to reduce the amount of computation andcommunication per prosumer. Finally, the convergence proof of the proposedaccelerated algorithm is given, and the proposed selection strategy isillustrated through a Monte Carlo simulation experiment.

A Novel Bilateral Energy Trading Mechanism for Electricity Markets with Numerous Prosumers