Peer-to-Peer Energy Trading in Virtual Power Plant Based on Blockchain Smart Contracts

Seven, Serkan; Yao, Gang; Soran, Ahmet; Önen, Ahmet; Muyeen, S. M.

doi:10.1109/access.2020.3026180

Cited by 127 publications

(56 citation statements)

References 44 publications

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“…A continuous double auction mechanism is employed over the registered purchase and sales to ensure P2P energy transactions within the VPP. A similar solution is detailed in [31], where a P2P energy trading mechanism is implemented for settling energy transactions inside a VPP. However, the authors propose the use of an English auction system for each agent that wants to enter the energy market and trade energy.…”

Section: Related Workmentioning

confidence: 99%

Blockchain-Based Decentralized Virtual Power Plants of Small Prosumers

et al. 2021

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The deployment of small-scale renewable energy sources will transform the management of energy grids towards more decentralized solutions in which the prosumers will have a more active role. Regulatory and market barriers are driving the implementation of virtual aggregation models in which the small-scale prosumers work together on a larger scale to gain benefits that could not be obtained on an individual basis. In this paper, we propose to use public blockchain and self-enforcing smart contracts to construct Virtual Power Plants (VPPs) of prosumers to provide energy services. A model has been defined for capturing the prosumer level constraints in terms of available energy profiles and energy service requirements enabling their optimal aggregation in hierarchical structures. A lightweight decentralized solution for VPPs construction is implemented using smart contracts enabling its efficient running on the public blockchain. Smart contracts are encoding the model constraints and are defining functionalities for prosumers to initiate or join a VPP implementing the complete chain of Offer-Operate-Measure-Remunerate actions. The VPP will be managed on top of a distributed ledger technology offering decentralized functionality for tracking and validating the delivery of energy based on the blockchain transactions and for energy and financial settlement, the remuneration being done according to the amount of energy provided by individual prosumers. Experimental results show that the proposed solution runs successfully on the public blockchain with good execution time and can address Balancing Responsible Party requests for additional generation. The overhead in terms of gas consumption and transactional throughput stays within reasonable boundaries.

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Section: Related Workmentioning

confidence: 99%

Blockchain-Based Decentralized Virtual Power Plants of Small Prosumers

et al. 2021

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“…Such entities include pro-and consumers as well as small power plants (e.g. wind or solar) and storage systems [62].…”

Section: Fig 4 Classification Of Papers By Terminology Used To Refer To An Energy Communitymentioning

confidence: 99%

The current state of research on energy communities

Gruber

Bachhiesl

Wogrin

2021

Elektrotech. Inftech.

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The introduction of the Clean energy for all Europeans package by the European Union (EU) led to a significant boost of public and research interest in energy communities. However, since neither their definition nor their goals are clearly defined, there is a very broad field of research on this topic. This paper aims to classify existing research on energy communities and to analyze what this umbrella term looks like in the literature. First, a literature review is conducted with regard to energy communities that have a local scope and are community-owned. The analysis of the results leads to the determination of the following categories for the existing literature on energy communities: the terminology used to refer to energy communities, components of energy communities, and their characteristics and structure. The review affirms that space-saving and easily constructible components are used the most, with photovoltaics (PV) and storage at the forefront. Our results also show that a third-party aggregator can be a vital part of an energy community with various functions, from managing the community’s energy flow and local market to trading energy with the grid. Taking this into consideration, we conclude that the use of aggregators is a good way to make the formation of energy communities easier, especially for people without an engineering background.

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“…This will enhance the buyer experience and full history of the conveyances can be tracked [33]. Few startup companies commenced working to engender a blockchain predicated solution for the automobile industry [34][35][36][37][38][39]. Hybrid blockchain can be utilized for tracking the counterfeit medicines in a pharma supply chain [40].…”

Section: Grwoth In Millions Yearmentioning

confidence: 99%

Implementation of Hybrid Blockchain in a Pre-Owned Electric Vehicle Supply Chain

Subramanian

Thampy

2021

IEEE Access

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Ecumenical carbon dioxide (CO2) emission emanates from car, bus, taxi, and motorcycle is around 45%.Electric vehicle could be the major contributor to abbreviate the pollution level in a transportation sector. According to the Forbes report the ecumenical passenger electric vehicle demand expected to reach 15% in 2025, and 23% in 2030. This research provides a blockchain predicated solution for a pre-owned electric vehicle market that could engender a trust, transparency, immutable records, and an efficient way to track the entire life cycle of a futuristic electric vehicle supply chain. At present most of the pre-owned electric conveyance purchase transpires through the third-party accommodations, websites, and mobile applications. This does not provide the authentic information on electric conveyance history, charging capabilities of the battery, history of the charging records, and performance of the driver (wear and tear affect battery life). Our solution implemented utilizing hybrid blockchain technology. Each stakeholder assigned with the Ethereum blockchain address to track the vehicle records as a distributed ledger. This design considered electric vehicle manufacturer, charging station, battery manufacturer, road convey ascendancy as major stakeholders. Astute contract designed with solidity programming. Truffle platform used to deploy keenly intellective contract in private blockchain that ascertain the privacy of electric conveyance owners and other stakeholders. Meta mask a mobile application utilized kovan network for tracking vehicle in a public blockchain. This application tested with 0.1 Ether for each transaction. Blockchain Electric Vehicle Cloud of Things (BEVCoT) concept proposed to integrate the IoT-Blockchain application in a cloud environment.

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Peer-to-Peer Energy Trading in Virtual Power Plant Based on Blockchain Smart Contracts

Cited by 127 publications

References 44 publications

Blockchain-Based Decentralized Virtual Power Plants of Small Prosumers

Blockchain-Based Decentralized Virtual Power Plants of Small Prosumers

The current state of research on energy communities

Implementation of Hybrid Blockchain in a Pre-Owned Electric Vehicle Supply Chain

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