Blockchain-enabled Peer-to-Peer energy trading

Wongthongtham, Pornpit; Marrable, Daniel; Abu-Salih, Bilal; Liu, Xin; Morrison, Gregory M.

doi:10.1016/j.compeleceng.2021.107299

Cited by 94 publications

(35 citation statements)

References 11 publications

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“…However, it does not consider expanding the platform's capabilities, which leads to scalability issues. In light of the blockchain trilemma's characteristics, Wongthongtham et al [33] investigated the most effective application of blockchain for P2P energy trading. The result shows that the method is cost-effective.…”

Section: Related Workmentioning

confidence: 99%

Blockchain-Based Peer-to-Peer Transactive Energy Management Scheme for Smart Grid System

Kumari

Sukharamwala

Tanwar

et al. 2022

Sensors

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In Smart Grid (SG), Transactive Energy Management (TEM) is one of the most promising approaches to boost consumer participation in energy generation, energy management, and establishing decentralized energy market models using Peer-to-Peer (P2P). In P2P, a prosumer produces electric energy at their place using Renewable Energy Resources (RES) such as solar energy, wind energy, etc. Then, this generated energy is traded with consumers (who need the energy) in a nearby locality. P2P facilitates energy exchange in localized micro-energy markets of the TEM system. Such decentralized P2P energy management could cater to diverse prosumers and utility business models. However, the existing P2P approaches suffer from several issues such as single-point-of-failure, network bandwidth, scalability, trust, and security issues. To handle the aforementioned issues, this paper proposes a Decentralized and Transparent P2P Energy Trading (DT-P2PET) scheme using blockchain. The proposed DT-P2PET scheme aims to reduce the grid’s energy generation and management burden while also increasing profit for both consumers and prosumers through a dynamic pricing mechanism. The DT-P2PET scheme uses Ethereum-blockchain-based Smart Contracts (SCs) and InterPlanetary File System (IPFS) for the P2P energy trading. Furthermore, a recommender mechanism is also introduced in this study to increase the number of prosumers. The Ethereum SCs are designed and deployed to perform P2P in real time in the proposed DT-P2PET scheme. The DT-P2PET scheme is evaluated based on the various parameters such as profit generation (for prosumer and consumer both), data storage cost, network bandwidth, and data transfer rate in contrast to the existing approaches.

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Section: Related Workmentioning

confidence: 99%

Blockchain-Based Peer-to-Peer Transactive Energy Management Scheme for Smart Grid System

Kumari

Sukharamwala

Tanwar

et al. 2022

Sensors

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“…Supply and demand are matched using high-speed ICT in sharing economy which is disrupting traditional business models. In the energy sector, the development and the widespread deployment of smart meters offer the essential infrastructure for sharing economy through P2P energy trading [ 4 ]. This leads to affordable clean energy and ultimately to the sustainable energy transition.…”

Section: Introductionmentioning

confidence: 99%

“…Battery adoption by PV users can help to reduce peak demand however excess electricity is still exported to the grid in an inefficient manner, at times when demand is low. A study of actual P2P trading system has been reported and published in [ 4 ].…”

Section: Introductionmentioning

confidence: 99%

Short-term renewable energy consumption and generation forecasting: A case study of Western Australia

Abu-Salih

Wongthongtham

Morrison

et al. 2022

Heliyon

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“…As with other novel businesses that have never existed before, policies and regulations related to P2P energy trading lagging behind technological developments [73] hinder the implementation of P2P energy trading. If the government foresees that P2P energy trading can be deployed to support the adoption of RE, the policies should validate P2P models in theory and practice in the early stage.…”

mentioning

confidence: 99%

“…More prototypes, laboratory platforms, and tools are needed to enable the research society to validate the performance of models that can support P2P trading implementation on a large scale. However, for the trading platform that aims to extend the covered area, scalability must be primarily considered when designing a trading structure and platform [73,103,104]. The platform requires the considerations of technical and financial issues, such as data security and privacy, speed of financial transactions, resilience, and energy balance, to support the increasing number of customers participating in P2P markets [105].…”

mentioning

confidence: 99%

Drivers and Challenges of Peer-to-Peer Energy Trading Development in Thailand

2022

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Recent developments in disruptive technologies along with the cost reduction of photovoltaics have been transforming business models in the electricity sector worldwide. The rise of prosumers has led to a more decentralized and open local green energy market through the emergence of peer-to-peer (P2P) energy trading, where consumers and prosumers can buy or sell electricity through an online trading platform. P2P energy trading has the potential to make green energy more accessible at the local level, provide a customer choice that aligns with community values, and promote the use of renewable energy (RE) for local consumption. Although P2P energy trading has already been adopted in some countries, its implementation remains challenging in other countries, including Thailand. In this work, we investigated the drivers and challenges of implementing P2P energy trading in Thailand based on the perspectives of P2P energy trading pilot project developers participating in the regulatory sandbox program. A strategic framework was used to identify the respondents’ standpoints on the political, economic, social, technological, legal, and environmental (PESTLE) factors that can influence the implementation of P2P energy trading. This can help businesses, policymakers, and regulators better understand drivers and barriers of P2P energy trading, which is a potential local energy market. This paper also provides policy recommendations for regulatory changes for the future development of P2P energy trading, including opening a third-party access (TPA) regime, enabling a liberalized market in the electricity market, and integrating the role and responsibilities of the prosumer for P2P energy trading into existing law.

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Blockchain-enabled Peer-to-Peer energy trading

Cited by 94 publications

References 11 publications

Blockchain-Based Peer-to-Peer Transactive Energy Management Scheme for Smart Grid System

Blockchain-Based Peer-to-Peer Transactive Energy Management Scheme for Smart Grid System

Short-term renewable energy consumption and generation forecasting: A case study of Western Australia

Drivers and Challenges of Peer-to-Peer Energy Trading Development in Thailand

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