A Blockchain Peer-to-Peer Energy Trading System for Microgrids

Gao, Jianbin; Asamoah, Kwame Omono; Xia, Qi; Sifah, Emmanuel Boateng; Obiri, Isaac Amankona; Xia, Hu

doi:10.1109/tsg.2023.3237624

Cited by 26 publications

(7 citation statements)

References 15 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…In order to solve the problem of large data storage and low detection efficiency, the system adopts the combination of on-chain and off-chain storage and efficient retrieval technology. Specifically, part of the data is stored in a distributed peer-to-peer network off the chain to improve the scalability of the blockchain system [21].…”

Section: ) Efficient Transaction Consensus Mechanismmentioning

confidence: 99%

The distributed trading platform design based on blockchain technology

Zeng,

Zhang,

Chen

et al. 2023

E3S Web Conf.

View full text Add to dashboard Cite

At present, Chinese renewable energy generation is growing rapidly, distributed power trading as a market-oriented means to promote the consumption of renewable energy power has attracted wide attention. It is urgent to optimize the mechanism design and build a credible and efficient trading environment to meet the needs of credibility and timeliness of large-scale multi-agent transactions. This paper first constructs a distributed power trading mechanism considering multi-subject transactions, and then elaborates the design idea of the power distributed trading platform based on blockchain technology from three aspects: total volume architecture, platform core technology and platform deployment. Finally, based on the operation of the actual power trading center in a certain region, field application verification is carried out, which proves the effectiveness and superiority of the distributed trading platform designed in this paper based on blockchain technology. The next research will continue to expand the typical model application pilot in the applicable areas to further improve the platform functions.

show abstract

Section: ) Efficient Transaction Consensus Mechanismmentioning

confidence: 99%

The distributed trading platform design based on blockchain technology

Zeng,

Zhang,

Chen

et al. 2023

E3S Web Conf.

View full text Add to dashboard Cite

show abstract

“…The emergence of blockchain technology in the context of smart microgrids introduces a novel approach to energy trading. Gao et al [21] discuss the potential of blockchain for facilitating secure and transparent peerto-peer energy transactions within microgrids. This decentralized mechanism not only optimizes energy distribution but also empowers consumers to actively participate in the energy market, promoting a more democratic energy ecosystem.…”

Section: Review Of Literaturementioning

confidence: 99%

Smart Microgrids: Revolutionizing Core Electrical Infrastructure for Energy Efficiency

2023

Acta Energetica

View full text Add to dashboard Cite

Smart microgrids represent a transformative approach to modernizing the electrical infrastructure, emphasizing energy efficiency, sustainability, and resilience. These advanced systems integrate renewable energy sources, sophisticated energy storage technologies, and intelligent control mechanisms, enabling a more decentralized and efficient energy management framework. By facilitating a higher penetration of renewable energy and enhancing storage capacities, smart microgrids significantly reduce dependency on traditional power grids and fossil fuels, thereby contributing to substantial reductions in carbon emissions. Their ability to operate autonomously, or in "island mode," ensures a reliable and uninterrupted power supply, even in the face of external grid failures, highlighting their critical role in improving system reliability and energy security. The comparative analysis of Grid-Connected and Hybrid Microgrids further elucidates the benefits of smart microgrid implementations. Hybrid Microgrids, with their greater reliance on renewable sources, higher energy efficiency, and extended operational independence, showcase superior performance in reducing emissions, lowering operational costs, and providing better returns on investment. This comparison not only underscores the economic viability and environmental benefits of smart microgrids but also demonstrates their potential to meet and surpass current and future energy demands efficiently. smart microgrids are revolutionizing core electrical infrastructure by fostering a shift towards more sustainable, efficient, and resilient energy systems. Their development and deployment are pivotal to achieving global energy and environmental goals, making them a cornerstone for the future of energy management and a model for sustainable development.

show abstract

“…However, this framework lacks the budget balance property. In another approach, Zhenwei et al proposed a high-efficiency and incentive-compatible P2P energy trading mechanism within a blockchain environment [22]. This mechanism offers efficiency and incentives but faces scalability challenges that need to be addressed for broader implementation.…”

Section: B Relevant Literature Reviewmentioning

confidence: 99%

“…0≤y n j,s ≤p n j,s j = 1, ..., M n s (22) where λ n i,b y n i,b and λ n j,s y n i,s indicate the revenue of the buyer and seller, respectively. The relationship between demand and generation is described as an equality constraint in (20).…”

Section: Credit Rating Based Double Side Auction Modelmentioning

confidence: 99%

Credit Rating-Based Transactive Energy System With Uncertainties in Energy Behavior

Anil,

Arun

2023

IEEE Access

View full text Add to dashboard Cite

In recent years, the evolution of demand-side management techniques has ushered in substantial improvements for distribution systems. Among these advancements, the Transactive Energy System (TES) emerges as a promising innovation, empowering end-users by facilitating surplus generation/demand trading within local energy markets. However, in contrast to the wholesale electricity markets of conventional grids, TES integrates a significant share of small-scale prosumers and highly variable intermittent Distributed Energy Resources (DERs), introducing elevated market uncertainties. In this conditions the economic stability of TES hinges on active and credible participant engagement. The central challenge lies in addressing uncertainties surrounding the energy requirements of community participants and incentivizing their involvement. To address these challenges, this paper introduces a novel market clearing strategy based on credit ratings. This strategy aims to mitigate uncertainties while motivating credible participants through substantial savings on their electricity expenses. Further this paper presents final demand response consideration, among a group of participants in a TES using an auction-theoretic approach which increases monetary gains. The effectiveness of this proposed methodology is validated through comprehensive case studies involving multiple households within a community. The results are highly promising, with participating households realizing monthly savings of 17.18%, 16.11%, 20.7%, and 23.22% on their electricity bills when compared to the conventional transactive energy exchange method. These tangible outcomes underscore the significant positive impact achievable through the implementation of our proposed market clearing approach and demonstrate the substantial increase in monthly savings for participants across various scenarios.

show abstract

A Blockchain Peer-to-Peer Energy Trading System for Microgrids

Cited by 26 publications

References 15 publications

The distributed trading platform design based on blockchain technology

The distributed trading platform design based on blockchain technology

Smart Microgrids: Revolutionizing Core Electrical Infrastructure for Energy Efficiency

Credit Rating-Based Transactive Energy System With Uncertainties in Energy Behavior

Contact Info

Product

Resources

About