Blockchain application in P2P energy markets: social and legal aspects

Borges, Cruz E.; Kapassa, Evgenia; Touloupou, Marios; Legarda, Jon; Casado-Mansilla, Diego

doi:10.1080/09540091.2022.2047157

Cited by 19 publications

(21 citation statements)

References 40 publications

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“…Between each iteration of trying to reach a consensus, the local electricity prices are updated depending on their primal residual, as defined in (11) and (12).…”

Section: Consensus Alternating Direction Methods Of Multipliersmentioning

confidence: 99%

Local electricity market pricing mechanisms' impact on welfare distribution, privacy and transparency

Dynge¹,

Berg²,

Bjarghov³

et al. 2023

Preprint

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<p>Local energy communities and electricity markets have emerged as possibilities for interaction among prosumers. A substantial effort has been invested into creating efficient pricing mechanisms for various market arrangements, all of which take into consideration distinct characteristics of local electricity trading. However, since they are all evaluated in terms of various systems and market conditions, it is challenging to directly compare the mechanisms. In this research, three well-established pricing mechanisms from the literature are systematically compared and evaluated under identical settings on their influence on welfare distribution across various market participant groups, privacy protection, transparency and complexity level. According to the findings, the supply-demand ratio pricing system leads to the lowest costs for consumers and is also the most privacy compliant and transparent. Furthermore, prosumers obtain the highest cost-savings through the consensus alternating direction method of multipliers pricing mechanism, whereas the equilibrium pricing mechanism performs best regarding economic fairness. The aim of this article is to provide insight into the performance of different pricing mechanisms to energy regulators and local electricity market facilitators. The comparative analysis should aid in making informed decisions on the implementation of local electricity markets. </p>

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“…Between each iteration of trying to reach a consensus, the local electricity prices are updated depending on their primal residual, as defined in (11) and (12).…”

Section: Consensus Alternating Direction Methods Of Multipliersmentioning

confidence: 99%

Local electricity market pricing mechanisms' impact on welfare distribution, privacy and transparency

Dynge¹,

Berg²,

Bjarghov³

et al. 2023

Preprint

View full text Add to dashboard Cite

show abstract

“…The initial costs of setup, establishment, and maintenance costs are considered to be quite high, which is a reasonable downside stemming from the infancy of blockchain technology [101,105]. Return on blockchain investment is another major concern since, due to the high initial cost, potential blockchain investors worry that the profit margin brought by their investment may be too low [106]. When it comes to whether blockchain will lower or increase transaction costs, researchers have not yet reached a consensus.…”

Section: Pestle Analysismentioning

confidence: 99%

Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making

Andreoulaki,

Papapostolou,

Marinakis

2024

Energies

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The blockchain has been proposed for use in various applications in the energy field. Although the blockchain has technical strengths, several obstacles affect the application of the technology in energy services. The scope of this study is to highlight and prioritise the most important barriers to such applications. The first step in this direction is specifying the potential areas of the implementation of blockchain technology in the energy sector. Two useful tools for market analysis were used: Political, Economic, Social, Technological, Legal and Environmental, PESTLE Analysis, and Strengths, Weaknesses, Opportunities and Threats, SWOT Analysis, which examine external and internal factors, respectively. Thus, a list of the most important elements hindering the incorporation of the blockchain in the energy sector was extracted. The detected barriers were classified and ranked by energy and IT experts using the multicriteria method, “Analytical Hierarchy Process for Group Decision Making”. The results reveal that legal barriers relating to the complexities of deficiencies of regulations are the most significant, while technological barriers, especially those related to security issues, are also important. Sociopolitical barriers related mainly to lack of trust in blockchain, as well as economic concerns such as high upfront costs, are less influential but should still be considered. The conclusions of the conducted research have the potential to guide market actors in their endeavours to modernise energy systems through the use of the blockchain, assisting them in designing the most appropriate market strategies.

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“…There are several studies that propose the use of blockchain technology in P2P energy trading [57]. For instance, in [44], a game-theoretic approach for a demand side management model that incorporates a localized PBFT-CB was proposed.…”

Section: P2p Trading and Management In Energy Blockchainmentioning

confidence: 99%

Blockchain Technology Applied in IoV Demand Response Management: A Systematic Literature Review

Kapassa

Themistocleous

2022

Future Internet

Self Cite

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Energy management in the Internet of Vehicles (IoV) is becoming more prevalent as the usage of distributed Electric Vehicles (EV) grows. As a result, Demand Response (DR) management has been introduced to achieve efficient energy management in IoV. Through DR management, EV drivers are allowed to adjust their energy consumption and generation based on a variety of parameters, such as cost, driving patterns and driving routes. Nonetheless, research in IoV DR management is still in its early stages, and the implementation of DR schemes faces a number of significant hurdles. Blockchain is used to solve some of them (e.g., incentivization, privacy and security issues, lack of interoperability and high mobility). For instance, blockchain enables the introduction of safe, reliable and decentralized Peer-to-Peer (P2P) energy trading. The combination of blockchain and IoV is a new promising approach to further improve/overcome the aforementioned limitations. However, there is limited literature in Demand Response Management (DRM) schemes designed for IoV. Therefore, there is a need for a systematic literature review (SLR) to collect and critically analyze the existing relevant literature, in an attempt to highlight open issues. Thus, in this article, we conduct a SLR, investigating how blockchain technology assists the area of DRM in IoV. We contribute to the body of knowledge by offering a set of observations and research challenges on blockchain-based DRM in IoV. In doing so, we allow other researchers to focus their work on them, and further contribute to this area.

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Blockchain application in P2P energy markets: social and legal aspects

Cited by 19 publications

References 40 publications

Local electricity market pricing mechanisms' impact on welfare distribution, privacy and transparency

Local electricity market pricing mechanisms' impact on welfare distribution, privacy and transparency

Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making

Blockchain Technology Applied in IoV Demand Response Management: A Systematic Literature Review

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