A Blockchain-based Double-sided Auction Peer-to-peer Electricity Market Framework

Okwuibe, Godwin C.; Zadé, Michel; Tzscheutschler, Peter; Hamacher, Thomas; Wagner, Ulrich

doi:10.1109/epec48502.2020.9320030

Cited by 13 publications

(5 citation statements)

References 18 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Notably, the results demonstrate that both data privacy protection and safe trade operations are handled by the DA trading mechanism. A different strategy was shown in [16], where a blockchain network was used to create a forward intra-day market through an auction process (Proof of Authority). Discriminative pricing was utilized in the market clearing process to determine trade prices, accounting for many MGs.…”

Section: Literature Surveymentioning

confidence: 99%

Wireless Blockchain based Dual Auction Method for Peer-to-Peer Energy Exchange on Microgrid

Divya,

Supraja

2024

Preprint

View full text Add to dashboard Cite

Decentralized energy trading stands as a significant avenue for enhancing the utilization of Sustainable Energy (SE) resources within the Grid network, while simultaneously mitigating losses associated with extensive grid infrastructure. Four distinct dual auction scheme, including Trade Reduction, McAfee, Vickrey Clarke Groves (VCG), and Average, aim to improve the efficiency of decentralized peer-to-peer energy exchange. This research work systematically assessed these mechanisms in a range of forms of microgrid (MG). Participants can specify how much they are willing to spend on various energy modules on varying period that incorporates user priority, bidding methods, and time of use tariffs. In most MG configurations, the Average and VCG processes were shown to be the most efficient. In particular, it was discovered that the average mechanism worked best for a market-focused MG, but the VCG mechanism was mostly beneficial for trading outside of peak hours. This work provides a thorough approach that skillfully determines and suggests the best auction procedures for various MG configurations and consumption schedules, opening the door for extra effective P2P energy exchange.

show abstract

Section: Literature Surveymentioning

confidence: 99%

Wireless Blockchain based Dual Auction Method for Peer-to-Peer Energy Exchange on Microgrid

Divya,

Supraja

2024

Preprint

View full text Add to dashboard Cite

show abstract

“…1) The authors have employed an Ethereum based Consortium blockchain [25] to protect the transactional data of the microgrid, that maintains the transparency, immutability and verifiability of the energy transactions. 2) A secure market model along with a dynamic price matching scheme based on double-sided auction [26] has been utilized, that ensures privacy of the participating consumers and prosumers. 3) An energy exchange mechanism comprising of a framework of smart contracts [27], has been adopted to ensure security of the generated transactional data during user authentication, energy bidding and storage of user data.…”

Section: B Research Contributionmentioning

confidence: 99%

A Blockchain Based Secure Decentralized Transaction System for Energy Trading in Microgrids

2023

View full text Add to dashboard Cite

Energy markets are being transformed rapidly all over the world due to an increased integration of renewable energy sources. Blockchain technology is emerging as a prime contender, as it can provide a secure and efficient transactional platform for such markets. In a typical microgrid energy market, the consumers and prosumers belonging to the microgrid have the ability to trade energy in a peer-to-peer fashion. However, the existing energy markets suffer from multiple issues security and privacy issues. To handle the aforementioned issues, this research work proposes a blockchain based secure Decentralized Transaction System (DTS) for energy trading in microgrids. The proposed system comprises of a secure market model that facilitates energy trade between energy users. A simplistic energy exchange mechanism has been formulated that ensures data integrity and privacy of the participating energy users. A prosumer centric consensus mechanism has been employed to incentivize the prosumers and ensure the availability of energy in the microgrid at all times. An efficient and dynamic pricing mechanism has been used to reduce the supply and demand disparity. A comprehensive trust model based on commitments has been adopted for ensuring the reliability of the participating energy user. Additionally, a hardware based access control mechanism has been utilized to make the proposed DTS a physical and cyber secure system. Other than this, a framework of smart contracts has been deployed to provide a comprehensive solution that ensures privacy, security, anonymity, auditability and confidentiality of the generated energy information. To demonstrate its practicality, the system has been implemented on Ethereum platform. The proposed DTS is validated using realistic data with the Ethereum Virtual Machine (EVM) environment of Goerli Test Network.

show abstract

“…P2P is also a common type of LEM. In the paper of Okwuibe et al [28] a double-sided auction and a P2P energy market, currently used in a German field test (RegHEE), with a short gate closure time based on blockchain is presented. Perger et al [29] and Baez-Gonzalez et al [30] demonstrate a P2P LEM for prosumers where Perger et al uses linear optimization and characterizes prosumers on their willingness to pay for local energy.…”

Section: Transactive and Inclusivementioning

confidence: 99%

Challenges for large-scale Local Electricity Market implementation reviewed from the stakeholder perspective

Doumen

Nguyen

Kok

2022

Renewable and Sustainable Energy Reviews

View full text Add to dashboard Cite

A Blockchain-based Double-sided Auction Peer-to-peer Electricity Market Framework

Cited by 13 publications

References 18 publications

Wireless Blockchain based Dual Auction Method for Peer-to-Peer Energy Exchange on Microgrid

Wireless Blockchain based Dual Auction Method for Peer-to-Peer Energy Exchange on Microgrid

A Blockchain Based Secure Decentralized Transaction System for Energy Trading in Microgrids

Challenges for large-scale Local Electricity Market implementation reviewed from the stakeholder perspective

Contact Info

Product

Resources

About