Blockchain-Based Decentralized Power Dispatching Model for Power Grids Integrated with Renewable Energy and Flexible Load

Abstract

To cope with the energy crisis and environmental pollution, the future development of the power system has to change towards a clean, low-carbon, flexible, and diversified direction. This paper proposes a decentralized power dispatching model based on blockchain technology to address the problems of uncertainty, privacy, security, and reliability in power dispatching systems containing renewable energy and flexible loads. Considering the uncertainty of wind, photovoltaic, and flexible load integration into the power grid, the total generation costs of the system are established, and the smart contracts of the decentralized power dispatching are proposed. The proof of work (PoW) consensus mechanism is improved in this paper. The hash operation that must be repeated in the PoW algorithm is replaced by an optimized computation process using a blockchain-based genetic algorithm (BD-GA). The proof of work-load-genetic algorithm-based (PoW-GAD) consensus algorithm is proposed. The decentralized power dispatching model and improved consensus algorithms’ effectiveness was confirmed by simulation. The power dispatching method in this paper reduces the system cost and increases wind and photovoltaic usage. The improved PoW-GAD algorithm, while inheriting the security features of the PoW algorithm, adapts to the blockchain-based decentralized dispatching structure and enhances system security.

Blockchain Integration and Its Impact on Renewable Energy

“…The selected works (33 articles) demonstrate the various uses and viewpoints of blockchain integration in the renewable energy sector. One noteworthy strategy is the creation of a decentralized power dispatching model using blockchain technology for grids with flexible loads and renewable energy sources to increase efficiency and reliability [63]. Furthermore, the research looks into blockchain-enabled solutions for the adoption of blockchains in the renewable energy supply chain, investment decision-making in green blockchain investments, and the transparent and secure trading of renewable energy certificates [64][65][66][67].…”

“…One prominent theme revolves around the utilization of advanced consensus algorithms to enhance the efficiency, security, and scalability of blockchain systems in managing renewable energy transactions. For instance, the introduction of the PoW-GAD consensus algorithm in a blockchain-based decentralized power dispatching model highlights a commitment to addressing uncertainty and optimizing power dispatching [63]. Similarly, the exploration of BAC-SDS consensus for vehicle-to-vehicle energy trading demonstrates a focus on cryptographic techniques and sharding for achieving superior security, throughput, and scalability in decentralized energy transactions [68].…”

“…Blockchains overcome concerns of uncertainty, privacy, and security in a decentralized power dispatching paradigm presented by Xu et al [63] by introducing smart contracts and an enhanced PoW-GAD consensus algorithm. This approach improves wind and photovoltaic energy usage, while simultaneously lowering system costs.…”

Blockchain-Based Renewable Energy Certificate Trade for Low-Carbon Community of Active Energy Agents

“…This enables consumers to purchase RECs directly Blockchain is a promising technology for power systems [6], especially for the development of smart grids [7]. Most of the existing literature on blockchain technology for renewable energy concentrates on energy-related aspects, such as P2P energy trading [8][9][10] and resource optimization [11][12][13] among distributed energy producers, consumers, and prosumers. As for the application of blockchain in the REC trade, in [14], the authors analyzed the shortcomings of the current centralized REC issuance and tracking system and proposed a blockchain-based improvement for tokenizing RECs into non-fungible tokens.…”