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Decentralized Frameworks for Future Power Systems is the first book to consider the principles and applications of decentralized decision-making in future power networks. The work opens by defining the emerging power system network as a system-of-systems (SoS) exploring the guiding principles behind optimal solutions for operation and planning problems. Chapters emphasize the role of regulations, prosumption behaviors, and the implementation of transactive energy processes as key components in decentralizing power systems. Contributors explore local markets, distribution system operation and proactive load management. The role of cryptocurrencies in smoothing transactive distributional challenges are presented. Energy system planning is reviewed, particularly in terms of consumer smart meter technologies. Distributed optimization methods are discussed in depth, including artificial intelligence, meta-heuristic, heuristic, mathematical and hybrid approaches. The work closes by considering decentralization across the cybersecurity, distributed control, market design, and power quality optimization vertices. Develops a novel framework for transactive energy management to enhance flexibility in future power systems Explores interactions between multiple entities in local power markets based on a distributed optimization approach Focuses on practical optimization, planning and control of smart grid systems towards decentralized decision-making
