Abstract
Energy market trading systems are undergoing rapid transformation due to an increasing demand for renewable energy sources to be integrated into the power grid, coupled with the dynamic and evolving needs of future energy customers. In the current energy trading system, which is based on mega power generation, energy is traded by insecure means of communication based on mutual trust. In addition, electricity from both renewable and non-renewable sources is mixed in the grid, impeding customers' ability to definitively track the source of energy dispatched to their premises. Although blockchain technology has been studied for energy trading on a peer-to-peer microgrid trading, to our knowledge none of the previous work focused on using blockchain for trading energy in a national wholesale energy market in macrogrid. In this paper, we address security architectures required of the energy market trading system in an Australian context, we propose a cryptocurrency token-based structure and a smart contract that provides data confidentiality that verifies and audits transactional records. The proposed trading system architecture not only enhances overall system security but provides additional capabilities in the operation of the scheme so that sources of energy dispatched to customer premises are known. The energy market trading system we propose also presents higher security compared to existing trading systems.
Highlights
Market trading systems are used by energy generators, retailers and brokers to buy and sell electricity in the national wholesale electricity market
As more data are collected from the various market participants, it is imperative to provide data security because a data breach could have implications for national energy security
To address the above-mentioned challenges and key requirements, this paper provides a comprehensive review of the existing energy market trading system process and its security requirements in the Australian context, and makes the following contributions: 1) The application of blockchain and authentication mechanisms is proposed to protect transactional energy market data and maintain the confidentiality and integrity of information
Summary
Market trading systems are used by energy generators, retailers and brokers to buy and sell electricity in the national wholesale electricity market. A. SCOPE OF RESEARCH PROJECT The scope of this research is focused on providing security for transactional energy data when electricity in transmitted from generators to customers through the distribution and transmission network in a macrogrid. To address the above-mentioned challenges and key requirements, this paper provides a comprehensive review of the existing energy market trading system process and its security requirements in the Australian context, and makes the following contributions: 1) The application of blockchain and authentication mechanisms is proposed to protect transactional energy market data and maintain the confidentiality and integrity of information. 2) A new energy market trading system architecture is proposed which enables the tracking and monitoring of sources of energy (renewable versus non-renewable energy) Through these contributions the proposed system is capable of providing and maintaining accurate energy related transactional data to support strategic planning and decision making at a national level.
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