Billing Models for Peer-to-Peer Electricity Trading Markets with Imperfect Bid-Offer Fulfillment

This paper proposes four new billing models for peerto-peer electricity trading markets that take into account electricity volume deviations of market participants from their bids and volumes. These billing models incorporate different cost sharing mechanisms so that (i) the costs incurred due to these deviations are minimal for consumers and prosumers and (ii) include non peer-to-peer participants as well. The former is achieved by designing cost sharing mechanisms which split the cost socially, while the latter is achieved by introducing a mid market that clears all the available supply from the P2P market. Through simulations of a small-scale community, we have demonstrated the effectiveness of our billing models in significantly increasing prosumers’ rewards and reducing consumers’ bills.