Decentralized Energy Solutions for Hybrid Microgrids with Trading and Power Management

Abstract

Renewable energy sources (RES), such as solar and wind power, received extensive interest since the outputs promise to reduce carbon content with the open allowance of renewable energy utilization. However, one of the most crucial setbacks of RES is that it makes dependant grid stability and energy management impossible. To address these challenges, the Indian government has announced several policies to strengthen renewable energy and help spur growth in the sector. The promising solution that will be brought forward is to provide peer-to-peer, or P2P, energy trading opportunities between small-scale producers and consumers themselves. This will help democratize the energy sector, reduce transmission and distribution losses, and help in increasing renewable energy as part of the energy mix. This research paper discusses possible prospects of P2P energy trading in India by exploring several advanced intelligent techniques including optimization of energy pricing, market dynamics analysis, and regulation framework evaluation. Through this, the research will investigate some of the key directions so as to contribute to the development of a more sustainable and efficient energy system.