Load Elasticity-Based Reallocation of Energy in a Peer-to-Peer Electricity Market Considering Consumers’ Willingness

Peer-to-Peer (P2P) electricity market is a source of high pleasure in today’s era that achieves a higher level of satisfaction for the participants involved in the P2P electricity market. However, uncertainty and intermittency of renewable energy resources (RERs) may become the reason for dissatisfaction for some participants at some time slots of the day in terms of energy supply which is considered a challenging task to fulfill energy demand. Considering this, this study distinguishes the consumers into two types: based on their willingness and load elasticity and proposes a load-reallocation algorithm for consumers who are willing to shift their price elastic load. This method differentiates the consumers by assessing the consumers’ requirements and increasing their social welfare by reallocation policy. Simulation results show that the adopted approach reduces the consumer energy cost and addresses consumer preference by adding the willingness factor to shift and reallocate the load to another slot in the P2P electricity market.