VirtElect: A Peer-to-Peer Trading Platform for Local Energy Transactions

Jogunola, Olamide; Tsado, Yakubu; Adebisi, Bamidele; Hammoudeh, Mohammad

doi:10.1109/jiot.2021.3109613

Cited by 14 publications

(5 citation statements)

References 41 publications

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“…Hou et al [26] design a privacy-preserving energy trading mechanism by using blockchain and zero-knowledge proofs. The literature [27] develops a platform-VirtElect based on a double auction market to support the matching interaction between prosumers.…”

Section: Related Researchmentioning

confidence: 99%

Blockchain Enabled Credible Energy Trading at the Edge of the Internet of Things

Wang

Zhang

et al. 2023

Mathematics

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In order to promote the value circulation of energy resources and improve energy efficiency, credible energy sharing between Internet of Things Devices (IoTDs) came into being. However, sometimes IoTDs do not obtain the required energy in the required time period, resulting in less active participation in energy sharing. To address these challenges, this paper first proposes a credible energy transaction model based on the distributed ledger blockchain at the Edge of the Internet of Things, where the Edge Cloud Server (ECS) can collect a large number of surplus energy resources of IoTDs in a secure and credible energy sharing environment and share them with other IoTDs in urgent need of charging. Meanwhile, in order to attract IoTDs to participate in energy sharing for a long time and meet the energy demand of ECS to the maximum extent, a smart contract-based Expected Social Welfare Maximized double auction incentive mechanism of Single ECS to Multi-IoTDs (ESWM-StM) is proposed to enable dynamic and adaptive energy sharing from multiple IoTDs to a single ECS. In addition, this paper compares the proposed algorithm with the benchmark method in terms of energy-sharing cost and long-term utility. The simulation results show that the proposed incentive mechanism can enable IoTDs to provide more surplus energy per unit cost to meet the energy demand of ECSs, and can sustainably attract more energy trading participants to enhance the expected social welfare in the long term.

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Section: Related Researchmentioning

confidence: 99%

Blockchain Enabled Credible Energy Trading at the Edge of the Internet of Things

Wang

Zhang

et al. 2023

Mathematics

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“…A prime-dual gradient method was applied to a small residential distribution network to verify the scheme, and a case study shows that the scheme can satisfy the direct interaction between buyers and sellers in a completely decentralized way in the electricity market. (5) Articles studied from the perspective of the double auction market include the following: Jogunola et al [60] developed VirtElect, a platform based on the dual auction market, to support paired interaction between consumers. Based on a case study of real microgrid data, the performance of the platform in demonstrating the potential of local energy consumption was verified.…”

Section: Application Of the Blockchain Technology In The Energy Marketmentioning

confidence: 99%

Applications of Blockchain Technology in Modern Power Systems: A Brief Survey

2022

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In the context of modern power system development to support the evolution towards green energy and carbon-neutral emission goals, many existing problems and even challenges demand new technical solutions. In recent years, decentralized blockchain technology has been employed to address some problems in power systems, and many papers have been published. In this paper, the concept of blockchain is first introduced. A brief survey of the existing publications regarding the applications of blockchain in power systems, including power system dispatching, microgrid operation, energy trading, electricity trading settlement, transmission, and distribution system operation, is then carried out. In addition, several application scenarios of blockchain technology in power systems are also introduced. Through the discussion, we found that we still need to weigh the advantages and disadvantages, overcome its leakage, and bring its value into play if we apply blockchain technology in modern power systems in support of zero carbon goals.

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“…Several technical research to solve some of the prevailing issues in P2P LEM have been conducted. Some of these are, trading platforms [10], [11], enabling technologies and storage systems [12], flexibility provisions [13], optimisation and algorithms for profit maximisation [14], [15], and network losses reduction [16], among others.…”

Section: Introductionmentioning

confidence: 99%

Peer-to-Peer Local Energy Market: Opportunities, Barriers, Security, and Implementation Options

Jogunola,

Ajagun,

Tushar

et al. 2024

IEEE Access

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The concept of the peer-to-peer local energy market (P2P LEM) is no longer novel to the energy community. Yet, its large-scale implementation within the current electricity network remains a complex challenge. One key reason is the lack of understanding of the supplier licensing models in different countries. For instance, in the UK, up to year 2023, a consumer is only allowed to have a single supplier at a time under its single licence supplier model. This directly contradicts the existing P2P trading models that allow a consumer to purchase electricity from multiple sellers within the local market. Given this context, this article conducts a review of recent literature and government policies in different countries on the P2P LEM and identifies the barriers behind the lack of large-scale P2P trading implementation in today's electricity markets. We explain how these barriers can be overcome by engaging prosumers in traditional and private distribution networks through either licensed or license-exempt suppliers. Particularly, we discuss six P2P LEM frameworks that can be utilised to address the supplier licensing issue. Finally, this review presents a summary of risks, and recommendations to aid the regulatory framework to implement P2P LEM.INDEX TERMS Peer-to-peer local energy market, barriers, distribution networks, large scale implementation, policy, security.

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VirtElect: A Peer-to-Peer Trading Platform for Local Energy Transactions

Cited by 14 publications

References 41 publications

Blockchain Enabled Credible Energy Trading at the Edge of the Internet of Things

Blockchain Enabled Credible Energy Trading at the Edge of the Internet of Things

Applications of Blockchain Technology in Modern Power Systems: A Brief Survey

Peer-to-Peer Local Energy Market: Opportunities, Barriers, Security, and Implementation Options

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