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Peer-to-peer energy trading in a microgrid leveraged by smart contracts

Peer-to-peer energy trading in a microgrid leveraged by smart contracts
Peer-to-peer energy trading in a microgrid leveraged by smart contracts
The current electricity networks were not initially designed for the high integration of variable generation technologies. They suffer significant losses due to the combustion of fossil fuels, the long-distance transmission, and distribution of the power to the network. Recently, prosumers, both consumers and producers, emerge with the increasing affordability to invest in domestic solar systems. Prosumers may trade within their communities to better manage their demand and supply as well as providing social and economic benefits. In this paper, we explore the use of Blockchain technologies and auction mechanisms to facilitate autonomous peer-to-peer energy trading within microgrids. We design two frameworks that utilize the smart contract functionality in Ethereum and employ the continuous double auction and uniform-price double-sided auction mechanisms, respectively. We validate our design by conducting A/B tests to compare the performance of different frameworks on a real-world dataset. The key characteristics of the two frameworks and several cost analyses are presented for comparison. Our results demonstrate that a P2P trading platform that integrates the blockchain technologies and agent-based systems is promising to complement the current centralized energy grid. We also identify a number of limitations, alternative solutions, and directions for future work.
Auctions, Emerging applications of agent-based, Peer-to-peer energy trading, Smart contracts, Systems
1364-0321
Vieira, Guilherme
280b5ae5-41de-4d83-8231-000ce22def0a
Zhang, Jie
6bad4e75-40e0-4ea3-866d-58c8018b225a
Vieira, Guilherme
280b5ae5-41de-4d83-8231-000ce22def0a
Zhang, Jie
6bad4e75-40e0-4ea3-866d-58c8018b225a

Vieira, Guilherme and Zhang, Jie (2021) Peer-to-peer energy trading in a microgrid leveraged by smart contracts. Renewable and Sustainable Energy Reviews, 143, [110900]. (doi:10.1016/j.rser.2021.110900).

Record type: Article

Abstract

The current electricity networks were not initially designed for the high integration of variable generation technologies. They suffer significant losses due to the combustion of fossil fuels, the long-distance transmission, and distribution of the power to the network. Recently, prosumers, both consumers and producers, emerge with the increasing affordability to invest in domestic solar systems. Prosumers may trade within their communities to better manage their demand and supply as well as providing social and economic benefits. In this paper, we explore the use of Blockchain technologies and auction mechanisms to facilitate autonomous peer-to-peer energy trading within microgrids. We design two frameworks that utilize the smart contract functionality in Ethereum and employ the continuous double auction and uniform-price double-sided auction mechanisms, respectively. We validate our design by conducting A/B tests to compare the performance of different frameworks on a real-world dataset. The key characteristics of the two frameworks and several cost analyses are presented for comparison. Our results demonstrate that a P2P trading platform that integrates the blockchain technologies and agent-based systems is promising to complement the current centralized energy grid. We also identify a number of limitations, alternative solutions, and directions for future work.

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Peer-to-Peer Energy Trading in a Microgrid Leveraged by Smart Contracts - Author's Original
Restricted to Repository staff only until 11 March 2023.
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Peer-to-peer energy trading in a microgrid leveraged by smart contracts - Accepted Manuscript
Restricted to Repository staff only until 11 March 2023.
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More information

Accepted/In Press date: 25 February 2021
e-pub ahead of print date: 11 March 2021
Published date: June 2021
Keywords: Auctions, Emerging applications of agent-based, Peer-to-peer energy trading, Smart contracts, Systems

Identifiers

Local EPrints ID: 448422
URI: http://eprints.soton.ac.uk/id/eprint/448422
ISSN: 1364-0321
PURE UUID: f106ef7f-bf83-41cd-89e3-dc7b2b3af85a
ORCID for Jie Zhang: ORCID iD orcid.org/0000-0002-5348-7671

Catalogue record

Date deposited: 22 Apr 2021 16:30
Last modified: 23 Apr 2021 01:50

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Contributors

Author: Guilherme Vieira
Author: Jie Zhang ORCID iD

University divisions

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