Interconnected Smart Transactive Microgrids-A Survey on Trading, Energy Management Systems, and Optimisation Approaches

The deployment of isolated microgrids has witnessed exponential growth globally, especially in the light of prevailing challenges faced by many larger power grids. However, these isolated microgrids remain separate entities, thus limiting their potential to significantly impact and improve the stability, efficiency, and reliability of the broader electrical power system. Thus, to address this gap, the concept of interconnected smart transactive microgrids (ISTMGs) has arisen, facilitating the interconnection of these isolated microgrids, each with its unique attributes aimed at enhancing the performance of the broader power grid system. Furthermore, ISTMGs are expected to create more robust and resilient energy networks that enable innovative and efficient mechanisms for energy trading and sharing between individual microgrids and the centralized power grid. This paradigm shift has sparked a surge in research aimed at developing effective ISTMG networks and mechanisms. Thus, in this paper, we present a review of the current state-of-the-art in ISTMGs with a focus on energy trading, energy management systems (EMS), and optimization techniques for effective energy management in ISTMGs. We discuss various types of trading, architectures, platforms, and stakeholders involved in ISTMGs. We proceed to elucidate the suitable applications of EMS within such ISTMG frameworks, emphasizing its utility in various domains. This includes an examination of optimization tools and methodologies for deploying EMS in ISTMGs. Subsequently, we conduct an analysis of current techniques and their constraints, and delineate prospects for future research to advance the establishment and utilization of ISTMGs.