Peer-to-Peer Trading in Electricity Networks: An Overview

Tushar, Wayes; Saha, Tapan Kumar; Yuen, Chau; Smith, David B.; Poor, H. Vincent

doi:10.1109/tsg.2020.2969657

Cited by 522 publications

(218 citation statements)

References 90 publications

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“…The architecture of P2P energy transactions is explored in [93], which investigates both the physical layer responsible for the transmission of electricity and the virtual layer providing secure transmission communication for energy trading between prosumers. The work examined the challenges faced by both layers including security concerns, dynamic pricing market, and cost reduction.…”

Section: G Peer-to-peer Energy Tradingmentioning

confidence: 99%

What is Energy Internet? Concepts, Technologies, and Future Directions

et al. 2020

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The climate change crisis, exacerbated by the global dependency of fossil fuels, has brought significant challenges. In the medium to long term, extensive renewable-energy-based electrification is considered to be one of the most promising development paths to address these challenges. However, this is tangible only if the energy infrastructure can accommodate renewable energy sources and distributed energy resources, such as batteries and heat pumps, without adversely affecting power grid operations. To realize renewable-energy-based electrification goals, a new concept-the Energy Internet (EI)-has been proposed, inspired by the most recent advances in information and telecommunication network technologies. Recently, many measures have also been taken to practically implement the EI. Although these EI models share many ideas, a definitive universal definition of the EI is yet to be agreed. Additionally, some studies have proposed protocols and architectures, but a generalized technological overview is still missing. An understanding of the technologies that underpin and encompass the current and future EI is very important to push toward a standardized version of the EI that will eventually make it easier to implement it across the world. In this paper, we first examine and analyze the typical popular definitions of the EI in scientific literature. Based on definitions, assumptions, scope, and application areas, the scientific literature is then classified into four different groups representing the way in which the papers have approached the EI. Then, we synthesize these definitions and concepts, and keeping in mind the future smart grid, we propose a new universal definition of the EI. We also identify the underlying key technologies for managing, coordinating, and controlling the multiple (distributed or not) subsystems with their own particular challenges. The survey concludes by highlighting the main challenges facing a future EI-based energy system and indicating core requirements in terms of system complexity, security, standardization, energy trading and business models and social acceptance.

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Section: G Peer-to-peer Energy Tradingmentioning

confidence: 99%

What is Energy Internet? Concepts, Technologies, and Future Directions

et al. 2020

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“…Developing the pricing and negotiation mechanism of P2P energy trading models is mainly affected by the objective of the energy trading, thus, it must be clearly defined [14]. P2P trading can be utilized for both gridconnected and islanded microgrid networks.…”

Section: A Literature Review and Research Gapmentioning

confidence: 99%

“…It contributes to the need to develop more privacypreserving negotiation mechanism for P2P trading models. 3) Distinguished from the work in [14] - [33], this work proposes a new blockchain based contract settlement protocol utilizing a two-phase consensus algorithm consisting of pBFT and a modified PoS to ensure system security, energy and time efficiency. 4) Unlike the two-phase consensus algorithm proposed in [31] that utilizes a PoS selection process based on a predictable weighted round-robin fashion, where a malicious attacker can accurately target a future validator based on the known parameters, our proposed modified PoS method uses a nodes weighting factor that only increases their chance of selection.…”

Section: B Original Contributionmentioning

confidence: 99%

A Blockchain-Enabled Decentralized Energy Trading Mechanism for Islanded Networked Microgrids

2020

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“…More details about how to clear the market price while ensuring truthfulness can be found in [36]. Cheating in the first-price auction is simulated by adding to the EP minimum selling price a random value between [1,20]. As we can see from the figure, the EPs utilities in the case of double auction is better compared to the second lowest price auction.…”

Section: A Auction Performancementioning

confidence: 99%

“…Within smart-cities, the proliferation of renewable energy technologies, such as solar rooftops, battery storage and electric vehicles (EVs), are creating a new kind of customers, commonly named "prosumers", with the capability of both producing and managing their own energy consumption. By giving the opportunity to prosumers to directly sell their surplus of energy to others on a peer-to-peer basis [1], blockchain could enable opening and decentralizing the energy market, promote renewable energy generation, reduce carbon footprint and facilitate meeting the growing demand for green energy [2].…”

Section: Introductionmentioning

confidence: 99%

Blockchain Based Trading Platform for Electric Vehicle Charging in Smart Cities

Lasla

Al-Ammari

Abdallah

et al. 2020

IEEE Open J. Intell. Transp. Syst.

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This paper presents a novel blockchain-based energy trading architecture for electric vehicles (EVs) within smart cities. By allowing local renewable energy providers to supply public charging stations, EV drivers can gain access to affordable energy and optimally plan for their charging operations. For this purpose, we present a smart-contract based trading platform that runs on top of a private Ethereum network. Contrary to existing solutions, we rely on the legacy billing and metering of the existing utility company in order to avoid making major changes to the existing infrastructure. The trading logic, including the auction mechanism, used to exchange energy can be defined in a smart-contract and applied within the platform. We conduct extensive experiments to evaluate the performance of some existing auction mechanisms and the underlying private Ethereum network in supporting the corresponding energy trading transaction load. We develop a virtualization-based simulator for Ethereum and measure both the transaction throughput and latency under different network and workload scenarios. The obtained results have shown that the current Ethereum implementation can support charging requests from EVs during peak hours in very crowded cities, such as Singapore.

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Peer-to-Peer Trading in Electricity Networks: An Overview

Cited by 522 publications

References 90 publications

What is Energy Internet? Concepts, Technologies, and Future Directions

What is Energy Internet? Concepts, Technologies, and Future Directions

A Blockchain-Enabled Decentralized Energy Trading Mechanism for Islanded Networked Microgrids

Blockchain Based Trading Platform for Electric Vehicle Charging in Smart Cities

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