Multi-Stage Bargaining of Smart Grid Energy Trading Based on Cooperative Game Theory

Due to global warming and climate change, it is essential produce power using renewable sources, such as solar, wind, fuel cells, etc. The traditional grid shifts towards the smart by infusing digital communication techniques information technology. As current system shifting a grid, utility prosumers participate in energy trading process. distributed nature of providing fair price among them becoming difficult task. article introduces model for allowing participants negotiate multiple stages game-theory-based multi-stage Nash Bargaining Solution (NBS). model’s application game theory enables decide on mutually acceptable price, thereby encouraging utility, private parties (those who are able generate consume energy) Since all procedure, greenhouse gas emissions reduced. proposed also balances benefits consumers producers final agreed fixed price. To demonstrate efficacy work, we compare analytical results with feed-in-tariff (FiT) terms consumers’ bills producers’ revenue. For experimental analysis, 20 considered, where percentage reduction bill each consumer increment revenue producer compared FiT. On average, overall reduced 32.8%, increased 64.83% It has been shown further that shows better performance FiT an increase number participants. analysis carbon emission analyzed, where, 10 participants, approximately 28.48 kg/kWh, 100 342.397 kg/kWh.