Abstract
With the continuous advancement of the green certificate trading mechanism, information verification needs to span multiple departments, which causes the application process cumbersome and human errors. In order to solve problems of cumbersome issuance process of the renewable energy certificate (REC) and the inflexible pricing mechanism, in this paper, a hybrid REC trading system was proposed based on an permissioned blockchain technology (BT), which combined advantages of the BT and the continuous double auction (CDA). The operation process of the system was introduced in detail, and the view change protocol in the Practical Byzantine Fault Tolerance algorithm was revised according to the characteristics of the system to improve the system stability. The continuous double auction rule was also introduced in the system. And corresponding bidding strategies were designed to maximize the revenue of users (buyer and seller) and transaction probability. The simulation experiment proves that the bidding mechanism can flexibly adjust the REC price according to the supply and demand relationship. At the same time, the effectiveness and feasibility of trading rule and bidding strategy were also verified.
Highlights
Introduction erenewable energy certificate (REC) is an electronic certificate issued to the qualified producer of renewable energy power
Once the power provider has fed the energy into the grid, the REC can be sold on the open market as an energy commodity. e REC represents environmental benefits of certain actions that help to mitigate greenhouse gas emissions. e REC arbitrage is a green power procurement strategy used by electricity consumers to simultaneously meet two objectives: (1) decrease the cost of renewable electricity use and (2) substantiate renewable electricity use and carbon footprint reduction. e strategy is used by consumers installing selffinanced renewable electricity projects or consumers who directly purchase renewable electricity from a renewable electricity project
We analysed the problems of the REC approval process, inflexible pricing, and low enthusiasm and proposed a hybrid alliance chain REC trading system with off-chain bidding and on-chain trading
Summary
Most RECs were traded on the trading platform through listed sales. is transaction method brings about the problem of unequal information between the two parties of the transaction and fails to fully reflect market demand, resulting in the REC price not changing in time. A green certificate transaction technology was proposed based on Hyperledger Fabric 1.1, which improves the security level of transaction information [12]. This method has some shortcomings in transaction timeliness. Erefore, the CDA can be considered to implement the REC transaction In this way, the market can adjust prices to promote the formation of supply and demand relationship and further activate the trading market. Based on the off-chain model, we proposed a hybrid REC trading system for the offchain bidding and on-chain transaction, which combined advantages of the BT and CDA and was based on permissioned blockchain (HRECTS-PBC). System Components. e structure of the HRECTS-PBC trading system is shown in Figure 1. is system includes a power plant, agent server, auction server, buyer, seller, smart meter, and power grid. e power plant and agent server were nodes in the network, and they were connected to each other to form a blockchain system. e seller and the buyer can use the agent server to conduct transaction without bearing the pressure of communication and computing on the network
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