Cost-effective Energy Management System in Prosumer based Electricity Market

Power systems are leading towards a transition with the involvement of a huge number of distributed energy resources to produce clean energy. Different concerns including energy crisis, polluted environment due to carbon emission, and economic issues have produced the urge in passive consumers to act as prosumers by installing distributed energy resources and with the use of information and communication technologies, the grid has become more reliable as smart grid. Energy generated from these distributed energy resources along with the use of energy storage systems provide saving to prosumers. In this study, we have focused on the impact of rooftop solar panels, energy storage system, and exchange of power with the grid and consumer through the use of energy management system to exchange information by end-users. This shows significant savings to the prosumer and consumer in term of the cost when the locally generated power is used. Prosumer can trade with the grid, consumer, and uses self-generated power to reduce the operational cost.