This April 2020 article the academic journal Energies, by researchers from Monash University in Australia presents a transactive energy market (TEM) framework for implementation within microgrids. The TEM facilitates the integration of distributed energy resources (DER) into existing electricity networks and orchestrates energy management and energy trading through appropriate market mechanisms. An efficient solution is required to ensure DER owners are incentivized to participate, especially in countries such as Australia, where there is 21.6% installed grid capacity of roof-top PV systems. The report discusses pricing mechanisms and market scenarios and concludes with a case study for the TEM as it would apply in a real-world example – the Monash University microgrid.
Key words: energy management, Internet of Things (IoT), smart grid