Abstract
This work presents a novel blockchain-based energy trading mechanism for electric vehicles consisting of day-ahead and real-time markets. In the day-ahead market, electric vehicle users submit their bidding price to participate in the double auction mechanism. Subsequently, the smart match mechanism will be conducted by the charging system operator, to meet both personal interests and social benefits. After clearing the trading result, the charging system operator uploads the trading contract made in the day-ahead market to the blockchain. In the real-time market, the charging system operator checks the trading status and submits the updated trading results to the blockchain. This mechanism encourages participants in the double auction to pursue higher interests, in addition to rationally utilize the energy unmatched in the auction and to achieve the improvement of social welfare. Case studies are used to demonstrate the effectiveness of the proposed model. For buyers and sellers who successfully participate in the day-ahead market, the total profit increase for buyer and seller are 22.79% and 53.54%, respectively, as compared to without energy trading. With consideration of social welfare in the smart match mechanism, the peak load reduces from 182 to 146.5 kW, which is a 19.5% improvement.
Highlights
Several countries have maintained an optimistic attitude towards electric vehicles (EVs) in recent years to reduce air pollution and to make traveling affordable [1]
The EVs that fail to match in day-ahead market (DAM) needed to enter real-time market (RTM) and trade with charging system operator (CSO) at the RTM clearing price (RTM-CP)
This paper presents a novel electricity trading mechanism for EV charging stations, mainly including double auction, smart match, and blockchain mechanism
Summary
Several countries have maintained an optimistic attitude towards electric vehicles (EVs) in recent years to reduce air pollution and to make traveling affordable [1]. To ensure the safety of the transaction, smart contracts were introduced into the energy exchange of EV in [45] These studies show that blockchain changes the original centralized management of systems and avoids the risk of attack on central institutions. Compared with the previous work, this paper proposes a more comprehensive double auction model, and adds the transfer strategy of charge and discharge behavior to the smart match. This paper proposes a novel double auction mechanism in the day-ahead market (DAM), where EV owners fully consider both the bidding price and quantity of energy involved. This mechanism greatly promotes the energy exchange between buyers and sellers. The derivation of optimal bidding strategy function and proof of bidding price are presented in the Appendices A and B, respectively
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