Trends and Challenges of Transactive Energy Management

Abstract

Transactive energy management (TEM) is a revolutionary peer-to-peer (P2P) energy trading idea that would be establish a market of distributed energy with greater sustainable energy utilization by involving native prosumers as a major participants in the energy ecosystem. Considering prosumer concerns is crucial to the development and adoption of the P2P energy exchange paradigm. In such system a transition, regulatory and policy considerations are equally crucial. However, there is a significant knowledge gap in areas such as users, data, and energy law. Several interconnected building components, including market of energy providers and network companies of generation, transmission and distribution, make up a transactive energy framework. Analyzing the performance of such a framework’s key components can help determine its effectiveness. This article offers a straightforward explanation of transactive energy that aids in pinpointing its fundamental constituent parts. Each component of the transactive energy system is concisely reviewed to emphasize its important function and efficiency based on identification of key building blocks. Then, few enabling technologies for such systems are examined. To hasten its adoption, several policy recommendations are offered at the conclusion. Ultimately, the research will incorporate regulatory and security issues into a comprehensive approach for optimizing the TEM procedure by applying non-fungible token (NFT’s) with unique identification which distinguish them from each other. Machine Learning and Internet of Things techniques also incorporate to minimize technological constraints for gathering metadata.