  With the rapid development of distributed energy resources, increasing number
of residential and commercial users have been switched from pure electricity
consumers to prosumers that can both consume and produce energy. To properly
manage these emerging prosumers, a peer-to-peer electricity market has been
explored and extensively studied. In such an electricity market, each prosumer
trades energy directly with other prosumers, posing a serious challenge to the
scalability of the market. Therefore, a bilateral energy trading mechanism with
good scalability is proposed for electricity markets with numerous prosumers in
this paper. First, the multi-bilateral economic dispatch problem that maximizes
the social welfare is formulated, taking into account product differentiation
and network constraints. Then, an energy trading mechanism is devised to
improve the scalability from two aspects: (i) an accelerated distributed
clearing algorithm with less exchanged information and faster convergence rate.
(ii) a novel selection strategy to reduce the amount of computation and
communication per prosumer. Finally, the convergence proof of the proposed
accelerated algorithm is given, and the proposed selection strategy is
illustrated through a Monte Carlo simulation experiment.
