Abstract
The decentralization of power generation driven by the rise in the adoption of distributed energy resources paves the way for a new paradigm in grid operations. P2P energy trading is beneficial to the grid as well as the connected peers. A blockchain-based smart contract is well suited to transparently facilitate trades between energy consumers and producers without the services of intermediaries. In this paper, Ethereum-based smart contracts that facilitate double energy auction and spinning reserve trading are developed with Solidity, compiled, and deployed within the Remix IDE. Willing energy sellers/buyers submit offers/bids to a contract that implements the double auction procedure. In order to fulfil energy supply obligations, sellers are also able to purchase spinning reserves via another smart contract. The smart contracts’ effectiveness in performing the auction procedure and making payments is confirmed using an energy/reserve market scenario. The proposed scheme encourages further adoption of distributed energy resources and participation in local P2P energy trading.
| Original language | English |
|---|---|
| Article number | 4084 |
| Journal | Energies |
| Volume | 15 |
| Issue number | 11 |
| DOIs | |
| Publication status | Published - 1 Jun 2022 |
Keywords
- P2P energy trading
- blockchain
- double auction
- smart contract
- spinning reserve
ASJC Scopus subject areas
- Renewable Energy, Sustainability and the Environment
- Building and Construction
- Fuel Technology
- Engineering (miscellaneous)
- Energy Engineering and Power Technology
- Energy (miscellaneous)
- Control and Optimization
- Electrical and Electronic Engineering