Peer-to-peer (P2P) energy trading has been recognized as an important technology to increase the local self-consumption of photovoltaics in the local energy system. Different auction mechanisms and bidding strategies haven been investigated in previous studies. However, there has been no comparatively analysis on how different market structures influence the local energy system’s overall performance. This paper presents and
compares two market structures, namely a centralized market and a decentralized market. Two pricing mechanisms in the centralized market and two bidding strategies in the decentralized market are developed. The results show that the centralized market leads to higher overall system self-consumption and profits. In the decentralized market, some electricity is directly sold to the grid due to unmatchable bids and asks. Bidding
strategies based on the learning algorithm can achieve better performance compared to the random method.