Fig. 1

Methodology of the model. Figure 1 shows the overall working of the model. The agents (i.e. prosumers and consumers) individually determine their pricing strategy and demand shifting strategy. Based upon these, consumers (prosumers) send bid (ask) orders to the market platform for every 15 min time slot. Here, the orders are matched in a merit order market mechanism that results in a uniform price per time slot. The uniform price as well as the allocated (i.e. successful) orders get returned to the agents. The unsuccessful orders are being processed over the reference and feed-in tariff