Energy Trading on a Peer-to-Peer Basis between Virtual Power Plants Using Decentralized Finance Instruments

Seven, Serkan; Yoldaş, Yeliz; Soran, Ahmet; Alkan, Gulay Yalcin; Jung, Jaesung; Ustun, Taha Selim; Önen, Ahmet

doi:10.3390/su142013286

Cited by 17 publications

(3 citation statements)

References 52 publications

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“…For household prosumers, the mechanisms for privacy in P2P information sharing are relevant for their active participation in energy markets and effectively valorizing their flexibility to its full potential [ 6 ]. Without them, the attackers might obtain confidential information about the location of prosumers, personal information, energy consumption profiles, etc.…”

Section: Introductionmentioning

confidence: 99%

Privacy-Preserving Computation for Peer-to-Peer Energy Trading on a Public Blockchain

Mitrea

Cioara

Anghel

2023

Sensors

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To ensure the success of energy transition and achieve the target of reducing the carbon footprint of energy systems, the management of energy systems needs to be decentralized. Public blockchains offer favorable features to support energy sector democratization and reinforce citizens’ trust, such as tamper-proof energy data registration and sharing, decentralization, transparency, and support for peer-to-peer (P2P) energy trading. However, in blockchain-based P2P energy markets, transactional data are public and accessible, which raises privacy concerns related to prosumers’ energy profiles while lacking scalability and featuring high transactional costs. In this paper, we employ secure multi-party computation (MPC) to assure privacy on a P2P energy flexibility market implementation in Ethereum by combining the prosumers’ flexibility orders data and storing it safely on the chain. We provide an encoding mechanism for orders on the energy market to obfuscate the amount of energy traded by creating groups of prosumers, by splitting the amount of energy from bids and offers, and by creating group-level orders. The solution wraps around the smart contracts-based implementation of an energy flexibility marketplace, assuring privacy features on all market operations such as order submission, matching bids and offers, and commitment in trading and settlement. The experimental results show that the proposed solution is effective in supporting P2P energy flexibility trading, reducing the number of transactions, and gas consumption with a limited computational time overhead.

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Section: Introductionmentioning

confidence: 99%

Privacy-Preserving Computation for Peer-to-Peer Energy Trading on a Public Blockchain

Mitrea

Cioara

Anghel

2023

Sensors

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“…Using a mixed integer linear programming (MILP) model, an aggregator or a third party energy management service provider selects the allocation scheme based on the characteristics and number of households, energy storage system capacity, the impact on the costs, storage utilization, and fairness to the community. MILP can be used to develop P2P energy trading models using an aggregator with auction mechanism in [19], [20] and with a decentralized approach [21], [22]. A rolling-horizon decision-making strategy was developed to maximize the revenue of stakeholders [23].…”

Section: Introductionmentioning

confidence: 99%

Peer-to-Peer Sharing of Energy Storage Systems Under Net Metering and Time-of-Use Pricing

Babu

Chakraborty

2023

IEEE Access

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Sharing economy has become a socio-economic trend in the transportation and housing sectors. It develops business models leveraging underutilized resources. Like those sectors, power grid is also becoming smarter with many flexible resources, and researchers are investigating the impact of sharing resources here as well that can help to reduce cost and extract value. In this work, we investigate sharing of energy storage devices among individual households in a cooperative fashion. Coalitional game theory is used to model the scenario where the utility company imposes time-of-use (ToU) price and net metering (NM) billing mechanism. The resulting game has a non-empty core and we can develop a cost allocation mechanism with easy to compute analytical formula. Allocation is fair and cost-effective for every household. We design the price for the peer-to-peer (P2P) network and an algorithm for sharing that keeps the grand coalition always stable. Thus sharing electricity of storage devices among consumers can be effective in this set-up. Our mechanism is implemented in a community of 80 households in Texas using real data of load demand and solar irradiance and the results show significant cost savings for our method.

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“…Te overview of blockchain-based decentralized energy market architecture and its components for TEMS is detailed in [27]. Consecutively, the blockchain-based intra-and inter-VPP-P2P energy market is realized in [28]. Besides mixed-integer linear programming-based optimization, it is proposed to compute the optimal cost for energy exchange.…”

Section: Introductionmentioning

confidence: 99%

Novel Architecture for Transactive Energy Management Systems with Various Market Clearing Strategies

Arun

Bingi

Ramachandran

et al. 2023

Mathematical Problems in Engineering

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The recent advancements in demand-side management techniques add significant benefits to the distribution systems. One such technique is transactive energy management systems (TEMS) which motivate the energy end-users to take part in local energy trading. The end-users can effectively increase the monetary benefits by trading the surplus generation/demand within the local energy market (LEM). The LEM operator frames a viable market clearing strategy to fix the market clearing price to enhance the monetary benefits of all the market players. In this study, LEM architecture with different market clearing strategies is proposed for TEMS to ensure profitable power transactions between the neighboring end-users. An optimal energy management algorithm is also proposed for time scheduling the operation of flexible loads and batteries, considering dynamics in end-users’ behavior, variations in utility parameters, and the intermittent nature of renewable power generation. Further, an optimal load scheduling algorithm is developed at the end-users’ premises to improve the profits in the LEM. Correspondingly, the trading strategies are extended to increase market reliability by penalizing participants for their abnormal activities in energy trading. The proposed framework is validated with different case studies considering ten residential participants in a locality.

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Energy Trading on a Peer-to-Peer Basis between Virtual Power Plants Using Decentralized Finance Instruments

Cited by 17 publications

References 52 publications

Privacy-Preserving Computation for Peer-to-Peer Energy Trading on a Public Blockchain

Privacy-Preserving Computation for Peer-to-Peer Energy Trading on a Public Blockchain

Peer-to-Peer Sharing of Energy Storage Systems Under Net Metering and Time-of-Use Pricing

Novel Architecture for Transactive Energy Management Systems with Various Market Clearing Strategies

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