Simulation Methods for Transactive Energy
Transactive energy is a new approach for managing the electric power distribution system based on principles of economic value, with engineering constraints. This combined approach is well established in the bulk power system, but transactive energy incorporates many more participants and new types of participant, including end-use loads and distributed energy resources. The market mechanisms are new and largely untested, which calls for careful design to avoid unwanted results and behaviors. The supporting simulation platforms must be flexible and multi-disciplinary (market, distribution grid, bulk grid, buildings, appliances, distributed energy resources, communication systems). These platforms make it possible for products to be developed and tested on large realistic models, before deployment into the real world.