Abstract
Local energy generation and peer to peer (P2P) energy trading in the local market can reduce the energy consumption cost, emission of harmful gases (as renewable energy sources are used to generate energy at user's premises) and increase the smart grid resilience. However, local energy trading with peers can have trust and privacy issues. A centralized system can be used to manage this energy trading but it increases the overall cost of the system and also faces several issues. In this paper, to implement a hybrid P2P energy trading market, a blockchain-based system is proposed. It is fully decentralized and allows the market members to interact with each other and trade energy without involving a third party. Smart contracts play a very important role in the blockchain-based energy trading market. They contain all the necessary rules for energy trading. We have proposed three smart contracts to implement the hybrid electricity trading market. The market members interact with the main smart contract, which requests P2P and prosumer to grid smart contracts for further processing. The main objectives of this paper are to propose a model to implement an efficient hybrid energy trading market while reducing cost and peak to average ratio of electricity.
Highlights
Electricity has become an analytical underpinning constituent that is essential for the development of new technologies [1]
Registered consumers can participate in trading
In this paper, it is demonstrated that the integration of blockchain technology in the hybrid P2P electricity market has a positive influence
Summary
Electricity has become an analytical underpinning constituent that is essential for the development of new technologies [1]. It has supported and given raise to the technologies in several areas of human adequacy. It is the main driving commodity for modern technologies and in its absence, they are unusable [2], [3]. The demand for electricity is increasing drastically with each passing day and its pattern is dynamic. To meet this energy demand, a utility needs to install backup power plants which result in higher production cost, emission of harmful gasses, etc., The associate editor coordinating the review of this manuscript and approving it for publication was Amedeo Andreotti
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