Blockchain based uniform price double auctions for energy markets

Foti, Magda; Vavalis, Manolis

doi:10.1016/j.apenergy.2019.113604

Cited by 101 publications

(46 citation statements)

References 20 publications

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“…It is able to consider as a consortium blockchain [38], a private blockchain which is not controlling centrally.  The energy-web foundation is a universal non-profit organization which is researching and studying the blockchain's potential in the energy section, applies Proof-of-Authority consensus workmanships to confront the energy usage issue of the blockchain topic [39]. It is extensively admitted which consortium blockchains applying proof-of-authority consensus workmanships veritably propose enhanced dealing throughput and diminished energy usage.…”

Section: B Blockchain-based Techniquementioning

confidence: 99%

Cyber-Attack Detection and Cyber-Security Enhancement in Smart DC-Microgrid Based on Blockchain Technology and Hilbert Huang Transform

et al. 2021

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Due to the simultaneous development of DC-microgrids (DC-MGs) and the use of intelligent control, monitoring and operation methods, as well as their structure, these networks can be threatened by various cyber-attacks. Overall, a typical smart DC-MG includes battery, supercapacitors and power electronic devices, fuel cell, solar Photovoltaic (PV) systems, and loads such as smart homes, plug-in hybrid electrical vehicle (PHEV), smart sensors and network communication like fiber cable or wireless to send and receive data. Given these issues, cyber-attack detection and securing data exchanged in smart DC-MGs like CPS has been considered by experts as a significant subject in recent years. In this study, in order to detect false data injection attacks (FDIAs) in a MG system, Hilbert-Huang transform methodology along with blockchain-based ledger technology is used for enhancing the security in the smart DC-MGs with analyzing the voltage and current signals in smart sensors and controllers by extracting the signal details. Results of simulation on the different cases are considered with the objective of verifying the efficacy of the proposed model. The results offer that the suggested model can provide a more precise and robust detection mechanism against FDIA and improve the security of data exchanging in a smart DC-MG.

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Section: B Blockchain-based Techniquementioning

confidence: 99%

Cyber-Attack Detection and Cyber-Security Enhancement in Smart DC-Microgrid Based on Blockchain Technology and Hilbert Huang Transform

et al. 2021

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“…Requirement of real-time control B C [61], [62] Requirement to upgrade existing meters and software for energy flow management B C D [11], [63]- [65] Requirements for multi-period models brings threat of computational intractability…”

Section: A Cmentioning

confidence: 99%

“…The implementation of such an infrastructure comes with high investment costs, which can be a deterrent for the development of local electricity markets. Additionally, transaction fees for such an infrastructure may provide an extra cost in the case of adopting certain ICT technologies [11], [55], [63]- [65], [71]. In addition to this, there is also a need for appropriate schemes for the distribution of taxes and fees for local energy trading [46].…”

Section: Decentralization Of Marketsmentioning

confidence: 99%

Developments and Challenges in Local Electricity Markets: A Comprehensive Review

et al. 2021

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In recent years, power systems have undergone changes in technology and definition of the associated stakeholders. With the increase in distributed renewable generation and small-to medium-sized consumers starting to actively participate on the supply side, a suitable incorporation of decentralized agents into the power system is required. A promising scheme to support this shift is given by local electricity markets. These provide an opportunity to extend the liberal wholesale markets for electrical power found in Europe and the United States to the communal level. Compared to these more established markets, local electricity markets, however, neither have few practical implementations nor standardized frameworks. In order to fill this research gap and classify the types of local electricity markets, the presented paper therefore starts with the challenges that these markets attempt to solve. This is then extended to an analysis of the theoretical and practical background with a focus on these derived challenges. The theoretical background is provided in the form of an introduction to state-of-the-art models and the associated literature, whereas the practical background is provided in form of a summary of ongoing and recent projects on local electricity markets. As a result, this paper presents a foundation for future research and projects attempting to approach the here presented challenges in distribution of generation, integration of demand response, decentralization of markets and legal and social issues via local electricity markets.

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“…Moreover, a review of blockchain technology, a mechanism for distributed power trading considering security constraints and a trading method using Ethereum blockchain and smart contracts are provided in [11] to allow the transparency of the trading. [12] propose a design and implementation of a blockchain decentralized uniform price market with rules written in smart contracts emphasizing three implementations of electricity market using the Ethereum. Also, a smart contract model is proposed in [13], implementing a Vickrey second price auction for electricity market based allocation using the Ethereum blockchain proving the effectiveness of the auction mechanism.…”

Section: Literature Reviewmentioning

confidence: 99%

Two Novel Blockchain-Based Market Settlement Mechanisms Embedded Into Smart Contracts for Securely Trading Renewable Energy

2020

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The progress of ICT technologies, day-ahead forecast, home energy management systems, implementation of smart meters, and Distributed Energy Sources (DER) enables new business opportunities for prosumers to locally trade the surplus via blockchain platforms leading to considerable advantages at the community level. The current research handles settlement similar to a centralized market that it is not necessarily the best solution for blockchain. Nonetheless, the settlement is essential as sellers and buyers perceive the attractiveness of the local trading through the market results. In this paper, we propose two novel and efficient settlement mechanisms (Global Balancing Settlement GBS and Splitting Settlement SS) for Peer-to-Peer (P2P) electricity exchange enhancing the performance of the classic Pairwise Settlement PS. These will be written as stored procedures embedded into the smart contracts along with auctioning procedures. The simulations are performed using a small residential community with 30% of the electricity that can be locally traded to lower the bills and unstress the public grid. The performance of the two proposed settlement methods is proved by the 14 scenarios that thoroughly indicate that GBS and SS provide better results for both sellers and buyers than PS. In the reference scenario, with GBS, sellers have the highest encashments with almost 4% more, whereas buyers encounter the lowest payments with almost 5% less than in case of the classic settlement. Starting from reference scenario, alternative scenarios are envisioned to extend the analyses and assess the performance of the settlement mechanisms. The highest gain is recorded with GBS mechanism: almost 8.8% for sellers and 6.5% for buyers. Another interesting outcome is that GBS is providing better results than SS. When deviations are small, SS provides almost 6% gain for both sellers and buyers, but when they increase, the gain is exceedingly small or none.

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Blockchain based uniform price double auctions for energy markets

Cited by 101 publications

References 20 publications

Cyber-Attack Detection and Cyber-Security Enhancement in Smart DC-Microgrid Based on Blockchain Technology and Hilbert Huang Transform

Cyber-Attack Detection and Cyber-Security Enhancement in Smart DC-Microgrid Based on Blockchain Technology and Hilbert Huang Transform

Developments and Challenges in Local Electricity Markets: A Comprehensive Review

Two Novel Blockchain-Based Market Settlement Mechanisms Embedded Into Smart Contracts for Securely Trading Renewable Energy

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