A blockchain based peer-to-peer trading framework integrating energy and carbon markets

Hua, Weiqi; Jiang, Jing; Sun, Hongjian; Wu, Jianzhong

doi:10.1016/j.apenergy.2020.115539

Cited by 140 publications

(68 citation statements)

References 35 publications

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“…Beyond general application models of blockchain-based carbon emissions trading [19,[39][40][41][42], Kim and Huh [18] focus on the governance system, whereas Tang and Tang [20] concentrate on the accounting perspective. An integration model of blockchain-based peer-to-peer trading in the energy and the carbon emission market is given by Hua et al [21]. They claim that the purchase of carbon allowances constitutes a part of the energy costs, and an efficient decentralized trading platform is therefore required to enable prosumers to trade energy and carbon allowances together.…”

Section: Related Literaturementioning

confidence: 99%

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A European Emissions Trading System Powered by Distributed Ledger Technology: An Evaluation Framework

Mandaroux

Dong

Li³

2021

Sustainability

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The European Union Emissions Trading System (EU ETS) is a major pillar of the European energy policy to reduce greenhouse gas emissions. However, the reportedly pervasive frauds in this market are constraining the beneficial role of the EU ETS. In this conceptual paper, we propose to digitalize the EU ETS by distributed ledger technology (DLT), enabling the verification of authenticity and provenance, proof of ownership, and lifecycle traceability of carbon certificates and assets. Our platform allows verifiable credentials to validate emission allowances, real-time tracking of trading participants’ emissions, and the audit trail reporting of the decentralized trading records. Furthermore, we complement the DLT application concept with a structured interdisciplinary evaluation framework. Our framework and analysis aim to stimulate further interdisciplinary research in this area to support regulators, such as the European Commission, in designing effective digital emissions trading systems.

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Section: Related Literaturementioning

confidence: 99%

“…The idea to enhance carbon trading with DLT is not new [17]. A variety of different technical models have been developed and discussed (e.g., [18][19][20][21][22]). We contribute to these existing models by including the latest DLT developments in the identity layer.…”

Section: Introductionmentioning

confidence: 99%

A European Emissions Trading System Powered by Distributed Ledger Technology: An Evaluation Framework

Mandaroux

Dong

Li³

2021

Sustainability

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“…While local markets and P2P trading may lead to environmental benefits, DOMI-NOES local market concept does not explicitly consider, for example, carbon emissions and related policies as constraints affecting consumption and bidding decisions. For more information on these topics, see, e.g., [47][48][49][50].…”

Section: Market Integration For P2pmentioning

confidence: 99%

“…The following assumes that the central market model in place is the European target model with zonal pricing and redispatch for congestions within zones, in contrast to the centralized SCED (security constrained economic dispatch) and LMP (locational While local markets and P2P trading may lead to environmental benefits, DOMINOES local market concept does not explicitly consider, for example, carbon emissions and related policies as constraints affecting consumption and bidding decisions. For more information on these topics, see, e.g., [47][48][49][50].…”

Section: Bids and Pricingmentioning

confidence: 99%

Framework to Facilitate Electricity and Flexibility Trading within, to, and from Local Markets

et al. 2021

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Peer-to-peer (P2P) electricity sharing or trading can empower consumers and prosumers, incentivize the balancing of generation and demand locally, increase system resilience and reliability, and help in achieving societal goals, such as increasing renewable energy penetration. Nevertheless, the development of P2P trading in actual environments has been slow due to the unclear position of P2P markets in the power system. Recent developments in the European legislation are promising for the establishment of P2P markets and energy communities. Hence, the interplay between local trading and existing market structures needs to be addressed carefully. Furthermore, P2P trading with distributed resources presumes that electricity end users will become active players in the power system. This paper proposes a bidding and pricing mechanism for local markets, considering the external markets; a new approach to balance settlement and balance responsibility when local trading occurs; and an interface to promote end-user interest in, and interactions with, local energy trading. The proposed local market concept and interface solution promote the coupling between local and existing retail, wholesale and ancillary service markets, and can be seen as a step towards the establishment of local energy markets in real-life settings.

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“…The Vickrey sealed bid mechanism [25, 26] can facilitate truthful bids, as the highest bidder wins the auction but pays second highest bid price. A common auction structure is the double auction where buyers and sellers submit bid and ask prices, respectively [9, 12, 14, 21, 22, 26, 27]. The submitted bids and asks can be used to form demand and supply curves based on price and quantity.…”

Section: Introductionmentioning

confidence: 99%

Closest Energy Matching: Improving peer‐to‐peer energy trading auctions for EV owners

2021

Self Cite

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Herein, a novel approach to conduct peer-to-peer energy auctions for electric vehicles (EVs) to benefit both buyers and sellers is presented. It considers a scenario where households can sell their surplus solar energy to visiting EVs that make use of the households' vacant charge points during the day. The aim of the energy trading is to maximise the amount of charge EVs receive from the solar energy, and increase the revenue for sellers. The novel Closest Energy Matching (CEM) double auction mechanism is proposed and it is compared with four other mechanisms. CEM allows the auction to take into account current energy requests as well as the potential future demand without requiring additional information. A novel algorithm, MARMES (MAtrix Ranking for Maximising Element Selection), is also presented to solve the optimisation problem that forms the basis of the CEM mechanism. The CEM mechanism on average results in 21.5% more solar energy used, lower cost to the consumer, a 24.9% increase in profits for sellers and a 71.4% reduction in required grid energy compared with the traditional double auction mechanism. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.

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A blockchain based peer-to-peer trading framework integrating energy and carbon markets

Cited by 140 publications

References 35 publications

A European Emissions Trading System Powered by Distributed Ledger Technology: An Evaluation Framework

A European Emissions Trading System Powered by Distributed Ledger Technology: An Evaluation Framework

Framework to Facilitate Electricity and Flexibility Trading within, to, and from Local Markets

Closest Energy Matching: Improving peer‐to‐peer energy trading auctions for EV owners

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