Realizing the Transactive Energy Future with Local Energy Market: an Overview

Lin, Yanling; Wang, Jianhui

doi:10.1007/s40518-021-00198-0

Cited by 7 publications

(2 citation statements)

References 78 publications

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“…This system necessitates a large amount of data to be transmitted across various market processes. Cyberattacks can be performed through the following procedure in order to disrupt the safe operation of transactive energy systems [115,116]:…”

Section: Disruption Of Transactive Energy Systemsmentioning

confidence: 99%

A Survey on IoT-Enabled Smart Grids: Emerging, Applications, Challenges, and Outlook

et al. 2022

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Swift population growth and rising demand for energy in the 21st century have resulted in considerable efforts to make the electrical grid more intelligent and responsive to accommodate consumers’ needs better while enhancing the reliability and efficiency of modern power systems. Internet of Things (IoT) has appeared as one of the enabling technologies for smart energy grids by delivering abundant cutting-edge solutions in various domains, including critical infrastructures. As IoT-enabled devices continue to flourish, one of the major challenges is security issues, since IoT devices are connected through the Internet, thus making the smart grids vulnerable to a diverse range of cyberattacks. Given the possible cascading consequences of shutting down a power system, a cyberattack on a smart grid would have disastrous implications for the stability of all grid-connected infrastructures. Most of the gadgets in our homes, workplaces, hospitals, and on trains require electricity to run. Therefore, the entire grid is subject to cyberattacks when a single device is hacked. Such attacks on power supplies may bring entire cities to a standstill, resulting in massive economic losses. As a result, security is an important element to address before the large-scale deployment of IoT-based devices in energy systems. In this report, first, we review the architecture and infrastructure of IoT-enabled smart grids; then, we focus on major challenges and security issues regarding their implementation. Lastly, as the main outcome of this study, we highlight the advanced solutions and technologies that can help IoT-enabled smart grids be more resilient and secure in overcoming existing cyber and physical attacks. In this regard, in the future, the broad implementation of cutting-edge secure and data transmission systems based on blockchain techniques is necessary to safeguard the entire electrical grid against cyber-physical adversaries.

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Section: Disruption Of Transactive Energy Systemsmentioning

confidence: 99%

A Survey on IoT-Enabled Smart Grids: Emerging, Applications, Challenges, and Outlook

et al. 2022

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“…Umoren et al [40] use blockchain technology to enable peer-to-peer energy trading between EVs and MGs in a local network, utilizing the capabilities offered by the 5G network. In [41], the author investigates local energy market structures, their mechanisms, and participants, along with an analysis of the existing infrastructure's challenges and prospective research directions in the field.…”

Section: Introductionmentioning

confidence: 99%

An Incentive-Based Mechanism to Enhance Energy Trading among Microgrids, EVs, and Grid

Khan,

Hussain,

Lee

et al. 2023

Energies

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The growing penetration of electric vehicles (EVs) introduces both opportunities and challenges for power grid operators. Incentivization is considered a viable option to tempt EV owners to participate in supporting the grid during peak load intervals while receiving compensation for their services. Therefore, this study proposes a two-step incentive mechanism to reduce the peak load of the grid by enabling power trading among the microgrid, EVs and the utility grid. In the first step, an incentive price is determined for EVs considering the grid-loading conditions during different hours of the day. In the second step, a multi-objective optimization problem is formulated to optimize trading among different entities, such as EVs, the microgrid and the utility grid. The two objectives considered in this study are the operation cost of the microgrid and the revenue of EVs. Monte Carlo simulations are used to deal with uncertainties associated with EVs. Simulations are conducted to analyze the impact of different weight parameters on the energy-trading amount and operation cost of EVs and MG. In addition, a sensitivity analysis is conducted to analyze the impact of changes in the EV fleet size on the energy-trading amount and operation cost.

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