Abstract
A central authority, in a conventional centralized energy trading market, superintends energy and financial transactions. The central authority manages and controls transparent energy trading between producer and consumer, imposes a penalty in case of contract violation, and disburses numerous rewards. However, the management and control through the third party pose a significant threat to the security and privacy of consumers’/producers’ (participants) profiles. The energy transactions between participants involving central authority utilize users’ time, money, and impose a computational burden over the central controlling authority. The Blockchain-based decentralized energy transaction concept, bypassing the central authority, is proposed in Smart Grid (SG) by researchers. Blockchain technology braces the concept of Peer-to-Peer (P2P) energy transactions. This work encompasses the SolarCoin-based digital currency blockchain model for SG incorporating RE. Energy transactions from Prosumer (P) to Prosumer, Energy District to Energy District, and Energy District to SG are thoroughly investigated and analyzed in this work. A robust demand-side optimized model is proposed using Genetic Algorithm (GA) and Particle Swarm Optimization (PSO) to maximize Prosumer Energy Surplus (PES), Grid revenue (GR), percentage energy transactions accomplished, and decreased Prosumer Energy Cost (PEC). Real-time averaged energy data of Australia are employed, and a piece-wise energy price mechanism is implemented in this work. The graphical analysis and tabular statistics manifest the efficacy of the proposed model.
Highlights
The above-mentioned research works successfully explored and implemented the characteristics and applications of blockchain technology in the energy market and Smart Grid (SG), they lack in dispensing (a) the SLR blockchain-based Mutual Energy Trade Model (METM) incorporating demand-side management, (b) the evaluation of optimized energy transactions accomplished in a blockchain network considering seasonal variations, and (c) the implementation of energy transactions between prosumers, consumers, and multi-Energy Districts (EDs) based on SLR blockchain
We have considered independent solar energy producers, and their energy profiles are taken from Queensland Live Solar Outputs [28]
Optimization of Prosumer Energy Cost (PEC), Prosumer Energy Surplus (PES), and GR performed through the Genetic Algorithm (GA) and Particle Swarm Optimization (PSO) algorithms is comparatively analyzed in this work
Summary
Authors in [15] presented demand-side management permitting users to reduce their electricity bill through effective day-ahead scheduling of energy consumption incorporating the blockchain technology. In [19], authors evaluated blockchain-based demand–response distributed energy management for SGs. Effective distributed management through the detection of energy unbalances and disbursement of rewards and penalties was implemented using Smart Contracts. The above-mentioned research works successfully explored and implemented the characteristics and applications of blockchain technology in the energy market and SG, they lack in dispensing (a) the SLR blockchain-based Mutual Energy Trade Model (METM) incorporating demand-side management, (b) the evaluation of optimized energy transactions accomplished in a blockchain network considering seasonal variations, and (c) the implementation of energy transactions between prosumers, consumers, and multi-EDs based on SLR blockchain. The pricing mechanism and mutual energy contracts employed in this work are explicated
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