Towards Revolutionized Smart Grids: An AI-Driven Broker for Improved Operational Efficiency
Abstract
Smart grid system encompasses large power plants in the wholesale market and retail customers in the tariff market. An electricity broker liaises between the wholesale and tariff markets by procuring electricity from the power plants and selling it to subscribed customers. In our work, we address the prominent challenges in the smart grid system to achieve better efficiency. We discuss the wholesale market, for which we design efficient bidding strategies in periodic double auctions (PDAs), and the tariff market, which includes tariff contract generation strategies and peak demand mitigation strategies. We use the PowerTAC simulator as a test-bed; also utilise these strategies for our autonomous broker, VidyutVanika, which has been proven efficient in the PowerTAC tournaments.