A comprehensive review on recent advances in transactive energy system: Concepts, models, metrics, technologies, challenges, policies and future

The electricity distribution network is experiencing notable transformations influenced by a cluster of dynamic forces for electrical grid remodelling. One of the technologies supporting this transformation is the transactive energy system (TES). The TES solution can dynamically balance the energy demand and supply of the grid using economic and control techniques. The solution paves the way for a new approach to independent electricity retail markets. This article comprehensively examines and analyzes relevant and recent literature on the technological advancements in TES with a special focus on the concepts, models, metrics, technologies, policies, drawbacks, and future. The review demonstrates the viability of TES as the future of energy distribution to offer a balance between economic growth in terms of provisioning energy at affordable cost, accessibility to energy, and dynamic energy utilization. In addition, sustainable environments promote the implementation and utilization of green energy. Furthermore, the work presents balanced but critical state-of-the-art literature on TES to advance knowledge in the research area. The recommendations include adopting advanced control techniques in delivering effective energy management and cost reduction solutions. Others are experimental implementation for validation; and combining blockchain and Artificial Intelligence technologies to solve identified challenges.