A trustworthy and incentivized smart grid energy trading framework using distributed ledger and smart contracts

Muzumdar, Ajit; Modi, Chirag; Madhu, G. M.; Vyjayanthi, C.

doi:10.1016/j.jnca.2021.103074

Cited by 39 publications

(25 citation statements)

References 28 publications

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“…Recent technological advancements such as the blockchain technology, machine learning, Internet of things, or artificial intelligence allow us to design new systems or re-implement existing systems in new ways. Despite these new possibilities, we must define requirements for LEMs that need to be fulfiled by any infrastructure or algorithm that handles personal data and is connected to our energy system (see [35,37,38]). We summarise technology-independent infrastructure requirements that are in our opinion essential for LEMs in the following paragraphs.…”

Section: Infrastructure Requirements For Local Energy Marketsmentioning

confidence: 99%

Evaluating the added value of blockchains to local energy markets—Comparing the performance of blockchain‐based and centralised implementations

et al. 2022

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The continuous decentralisation of the energy system due to the expansion of renewable energies requires new coordination mechanisms such as Local Energy Markets (LEMs) that are capable of integrating millions of prosumers as active participants. Since the end of the 2010s, the blockchain technology has been discussed as a potential infrastructure for LEMs and as a potential game-changer in the energy industry. In this work, the authors introduce LEM specific technology-independent infrastructure requirements, present a Solidity and Python toolbox that allows to compute a comparative performance analysis between a blockchain-based and a central LEM and evaluate the added value of a blockchain-based implementation compared to a conventional reference implementation. Simulations of a LEM with a periodic double auction and settlement showed that a blockchain-based LEM operation requires more than 140 times the computation time compared to a centralised implementation and cannot fulfil data security requirements. Thus, the authors find that blockchain technology in its current state of development does not add significant value to LEMs. All implemented programmes are published in the open-source project lemlab as part of the research project RegHEE.

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Section: Infrastructure Requirements For Local Energy Marketsmentioning

confidence: 99%

Evaluating the added value of blockchains to local energy markets—Comparing the performance of blockchain‐based and centralised implementations

et al. 2022

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“…mechanism must address, in addition to security-related issues, the performance and possible scalability of the solution. The solution now proposed may only consider residential buildings, but in order to better adapt to demand and supply, the ideal would be to insert into the network other types of buildings that can absorb any peak of energy consumption during the day [45]. Based on offer and demand, it is possible to set the clearing price of each auction [38], which represents the balance between producers and consumers and which results from the auction that is held every hour, as stated in Figure 12.…”

Section: Trading Platformmentioning

confidence: 99%

“…Thus, the selected mechanism must address, in addition to security-related issues, the performance and possible scalability of the solution. The solution now proposed may only consider residential buildings, but in order to better adapt to demand and supply, the ideal would be to insert into the network other types of buildings that can absorb any peak of energy consumption during the day [45].…”

Section: Blockchain Implementationmentioning

confidence: 99%

Blockchain and Internet of Things for Electrical Energy Decentralization: A Review and System Architecture

Casquiço¹,

Mataloto²,

Ferreira³

et al. 2021

Energies

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The decentralization in the electrical power grids has gained increasing importance, especially in the last two decades, since transmission system operators (TSO), distribution system operators (DSO) and consumers are more aware of energy efficiency and energy sustainability issues. Therefore, globally, due to the introduction of energy production technologies near the consumers, in residential and industrial sectors, new scenarios of distributed energy resources (DER) are emerging. In order to guarantee an adequate power management in the electrical power grids, incorporating producers, consumers and producers-consumers (prosumers) together, it is important to adopt intelligent systems and platforms that allow the provision of information on energy consumption and production in real time, as well as for obtaining a fair price for the sale and purchase of energy. In this paper, we analyze the literature to identify the appropriate solutions to implement a decentralized electrical power grid based on sensors, blockchain and smart contracts, evaluating the current state of the art and pilot projects already in place. We also discuss a proposal for a power grid model, with renewable energy production, combining Internet of Things, blockchain and smart contracts.

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“…When a demand response request is received by the aggregator (denoted AGG in Figure 1) from a grid operator, the software automatically verifies flexibility contracts with the buildings in its portfolio to determine which are valid for the particular demand response program the request relates to. Smart contracts developed for grid energy trading [19] or peer-to-peer energy trading [20] modified for flexibility may be implemented for the contract verification stage. The cloud-based platform then contacts the on-site automation system in the relevant buildings or sites to read data from the systems in the buildings.…”

Section: Framework Structurementioning

confidence: 99%

“…The length of the optimization is denoted by ut (s). Similar to Equation (19), Bid(t) is a Boolean indicator for bid activation at time t. The minimum power that is required to be provided is P min (kW). The set of possible time intervals from the start of the demand response bid to the end of the event is τ.…”

Section: Optimizationmentioning

confidence: 99%

Development of a Framework for Activation of Aggregator Led Flexibility

O’Connell

Keane

2021

Energies

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This paper presents a novel framework architecture for an online, real-time flexibility assessment and activation platform targeted at unlocking the flexibility potential of commercial buildings and smaller industrial sites, thereby enabling greater levels of renewable grid integration. Renewable integration targets in Europe of up to 40% of power generation from renewable sources by 2030 and over 90% by 2050 aim to decarbonize the electrical grid and increase electrification of transport, industry, and buildings. As renewable integration targets increase, participation in flexibility programs will be required from a much greater range of buildings and sites to balance grids hosting high levels of renewable generation. In this paper, an online implementation of a standardized flexibility assessment methodology, previously developed for offline contract negotiations between stakeholders, is modified to automate the assessment. The automated assessment is then linked to an aggregator-based multi-building or site optimization stage, enabling increased participation of multiple buildings and sites. To implement the assessment, models for individual flexible systems were reviewed, selected, and adapted, including physics-based, data-driven, and grey-box models. A review of optimization for flexibility found mixed-integer linear programming to be the optimal approach for the selection of flexible systems for demand response events.

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A trustworthy and incentivized smart grid energy trading framework using distributed ledger and smart contracts

Cited by 39 publications

References 28 publications

Evaluating the added value of blockchains to local energy markets—Comparing the performance of blockchain‐based and centralised implementations

Evaluating the added value of blockchains to local energy markets—Comparing the performance of blockchain‐based and centralised implementations

Blockchain and Internet of Things for Electrical Energy Decentralization: A Review and System Architecture

Development of a Framework for Activation of Aggregator Led Flexibility

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