National Energy Market Research Articles

Model Prediction XGBoost for Perspective of Closing Cernavoda Reactor 1 and the Impact on the Romanian Energy System

Abstract Employing artificial intelligence (AI) and machine learning (ML) technologies to analyze the progression of energy markets is imperative, as these methodologies facilitate the modeling of diverse domain-specific data to forecast developments in an exceedingly volatile market. Utilizing machine learning algorithms to model data concerning the Romanian energy sector proves beneficial, particularly in circumstances where significant changes necessitate adaptation to internal consumption demands, while mitigating substantial fluctuations in electricity prices. Such fluctuations can profoundly impact crucial national economic indicators.. In this paper, we aim to simulate such a situation for the moment when Romania will be obliged to shut down and modernize Reactor 1 at Cernavodă due to reaching the standard operating time for the CANDU model. We will use an XGBoost for Regression algorithm in which we will input data about the national energy system (consumption, energy quantities according to the energy system's production structure by resource types) from the period 2020-2023, and then we will simulate the shutdown of the reactor to analyze how the national energy market is influenced. Our findings not only reveal the indispensable role of predictive analysis through ML/AI models in anticipating market changes, but also provide practical insights for decision-makers aiming to optimize the national energy system so that when Reactor 1 at Cernavodă is shut down, the domestic market is affected as little as possible, considering that this reactor has supplied the national system with approximately 700 MWe/h over the past 20 years.

Co-optimisation of wind and solar energy and intermittency for renewable generator site selection

Sites for the construction of wind and solar farms have typically been chosen to maximise total energy generation of an individual site, but rarely consider the intermittency of the renewable resource available at each location. As more renewable generation is added to electricity grids around the world, this intermittency is rapidly becoming a major factor constraining the volume of renewable generation that can be added cost-effectively, as additional fast-response storage or dispatchable generation must compensate for periods of low renewable generation. We present a statistical approach to selecting wind and solar generation sites that assesses energy and intermittency of individual wind, solar and co-sited wind plus solar farm locations, allowing energy and intermittency to be given weight when selecting sites for new generation. A new multi-objective pareto-front approach to identifying high-performing renewable generation sites that allows for optimising multi-site selection using the median (energy) and median absolute difference (intermittency) of historical weather resource is proposed. This technique is then applied to a 30-year, hourly, Australian weather reanalysis dataset to show the potential improvement over the fleet of wind and solar farms currently operating in the Australian National Energy Market. Finally, an analysis of potential sites for optimal offshore wind and combined offshore wind and solar is presented. The proposed wind-only and solar-only sites show an average energy increase of 9% (solar, 67 sites), 28% (wind, 50 sites) more energy for the same level of intermittency, as compared to the existing generation sites. Three existing combined wind and solar sites were compared to the best three proposed sites, which showed a 3-16% energy increase for the same intermittency, or a 2-11% intermittency decrease for the same energy generated.

Аспекти інтеграції відновлюваної розподіленої генерації в систему енергозабезпечення України

The paper examines the strategic and practical aspects of integrating renewable distributed generation into the energy supply system of Ukraine, which faces challenges related to increasing the reliability, safety, and efficiency of the energy system in the context of global decarbonization trends and military threats. The key role of distributed renewable energy generation in increasing the stability of the energy system and reducing dependence on centralized energy sources has been established. An analysis of world experience has been carried out, which emphasizes the economic benefit and increased flexibility in the management of energy resources due to the implementation of distributed generation. Examples of successful implementation of distributed renewable energy generation projects in different countries and analysis of the potential for the development of renewable energy sources in Ukraine, in particular, solar, wind and small hydropower, are given. The completed review allows to draw a conclusion about the need for an integrated approach to the development of distributed renewable energy generation. Special attention is paid to the study of technical, economic, legal and regulatory aspects that determine opportunities and limitations for attracting investments in distributed renewable energy. Emphasis is also placed on the need to develop and implement innovative management systems and the latest technological solutions that will allow maximum use of the potential of distributed generation to ensure reliable, safe and efficient operation of the power system. Aspects of integration of energy storage systems are taken into account, allowing to smooth out peak loads and ensure the stability of system operation. It was concluded that it is necessary to improve financial support mechanisms that stimulate the development of small producers of electricity from renewable energy sources. Particular attention is paid to the study of international experience and its adaptation to Ukrainian realities, which allows to take into account the specifics of the national energy market and maximizing the effectiveness of the introduction of the latest technologies.

Integrated Multi-Head Self-Attention Transformer model for electricity demand prediction incorporating local climate variables

This paper develops a trustworthy deep learning model that considers electricity demand (G) and local climate conditions. The model utilises Multi-Head Self-Attention Transformer (TNET) to capture critical information from G, to attain reliable predictions with local climate (rainfall, radiation, humidity, evaporation, and maximum and minimum temperatures) data from Energex substations in Queensland, Australia. The TNET model is then evaluated with deep learning models (Long-Short Term Memory LSTM, Bidirectional LSTM BILSTM, Gated Recurrent Unit GRU, Convolutional Neural Networks CNN, and Deep Neural Network DNN) based on robust model assessment metrics. The Kernel Density Estimation method is used to generate the prediction interval (PI) of electricity demand forecasts and derive probability metrics and results to show the developed TNET model is accurate for all the substations. The study concludes that the proposed TNET model is a reliable electricity demand predictive tool that has high accuracy and low predictive errors and could be employed as a stratagem by demand modellers and energy policy-makers who wish to incorporate climatic factors into electricity demand patterns and develop national energy market insights and analysis systems.

Decarbonising Australian Electricity Markets: Regulatory Roadblocks and Transformative Opportunities for Achieving Net Zero

With a national emissions profile revealing a persistent role for fossil fuels in the energy and electricity fuel mixes, Australia's ability to realise its net zero emission ambitions is inherently linked to how the country manages and supports the decarbonisation of its energy sector to ensure the realisation of net zero goals by 2030, 2050, and beyond. Rapid growth in distributed energy resources is now challenging Australia’s electricity system and the regulatory framework, both of which were established on assumptions of centralized electricity supply from large generators to passive consumers. This article recognises that while regulatory frameworks – policies, laws, other instruments – can be critical enablers of desirable transitions, the current regulatory regime governing Australia’s energy markets has been a significant impediment to the energy sector decarbonisation and emission mitigation. Aspects of the regulatory framework that can encourage or hinder the development of future high DER markets and the decarbonisation transition across the national energy market are also explored.

Accounting of installation and use of solar power plants

Through the using of solar power plants, a business entity reduces operating costs by using solar electricity for its own needs and generates income by selling this electricity on the market. The construction of solar power plants in Ukraine is an important factor in the development of the national energy market and a tool for integration into the European renewable energy market. The article examines the role and importance of using solar electricity as one of the types of alternative sources of electricity. The authors investigate the peculiarities of accounting for the initial cost of solar power plants depending on the method of its receipt by an enterprise. In particular, the author presents the correspondence of accounting accounts, which are drawn up upon receipt of a solar power plant when it is purchased for cash, in case of its construction by the enterprise using the economic and contractor methods. The procedure for recognition and valuation of solar power plants as an object of fixed assets is substantiated. It is noted that the costs of forming the initial cost of a solar power plant should be accounted for by using the relevant subaccounts of account 15 “Capital Investments”. The article also presents the results of the impact of establishing the useful life and depreciation method of a solar power plant on the financial results before corporate income tax.

Controlling electricity storage to balance electricity costs and greenhouse gas emissions in buildings

The optimal management of flexible loads and generation sources such as battery storage systems in buildings is often concerned with minimizing electricity costs. There is an increasing need to managed flexible resources in a way that minimises both costs and carbon emissions. Minimising emissions of grid consumed electricity requires quantification of the carbon emissions intensity of the electricity grid, so first we develop a real-time emission intensity model of the Australian National Energy Market using a power-flow tracing approach. This model reveals that electricity price signals currently do not drive consumers toward using electricity at times of lower emissions. For example, the mean and peak emissions intensity during low electricity tariff periods are the same or slightly higher than those during high tariff periods, while the 30-min wholesale electricity price in each region has no significant correlation with the emissions intensity of electricity consumed in that region. The emissions model is then used to investigate the extent to which controlling a battery storage system to minimise costs under existing electricity tariff structures also leads to minimisation of greenhouse gas emissions for a case study commercial office building. Results show that reducing emissions does indeed come at the expense of increasing costs. For example, annual operating cost savings reduced from 31% to 20% when the battery control was changed from minimising costs to minimising emissions. This has important implications for buildings seeking to reduce emissions as well as for the design of electricity tariffs.

Natural Gas Has Role in Decarbonizing the Australian Electricity Supply

This article, written by JPT Technology Editor Chris Carpenter, contains highlights of paper SPE 202210, “Future Roles for Natural Gas in Decarbonizing the Australian Electricity Supply Within the NEM: Total System Costs Are Key,” by Stephanie Byrom, University of Queensland; Geoffrey Bongers, Gamma Energy Technology; and Andy Boston, Red Vector, et al., prepared for the 2020 SPE Asia Pacific Oil and Gas Conference and Exhibition, originally scheduled to be held in Perth, Australia, 20–22 October. The paper has not been peer reviewed. Electricity systems around the world are changing, with the Paris Agreement of 2015 a catalyst for much current change. The Australian government ratified the agreement by committing to 26–28% emissions reductions below 2005 levels by 2030. Reduction in emissions from electricity generation has become the focus of these targets. To decarbonize the grid to meet targets while building firm, dispatchable generation capacity to support the system, a new metric is required to measure success. The complete paper explores the outputs of the model of energy and grid services (MEGS), illustrating outcomes if a single technology group is favored. Introduction The majority of electricity in the Australian National Energy Market (NEM) is provided by synchronous thermal power generation, which also has delivered services required for grid stability such as inertia and frequency control. The NEM commenced operation in December 1998 and includes five regional market jurisdictions: Queensland, New South Wales (including the Australian Capital Territory), Victoria, South Australia, and Tasmania. In 2020, the NEM incorporated approximately 40,000 km of transmission lines and cables, connecting approximately 57 GW of generation capacity to consumers. This thermal generation mostly has consisted of coal- and gas-based technologies. Electricity grids are also changing from largely centralized electricity generation systems to more decentralized ones and from unidirectional electricity flows to bidirectional flows as part of the effort to reduce emissions. However, with increasing penetration of variable renewable energy (VRE) generation, it is important to plan for and manage generation-asset investment to track the lowest possible total system cost and highest reliability path to a low-emissions future. A Competent, Diverse Grid A competent electricity grid is one that can keep the lights on, so to speak, within the legislated tolerance for outages and performance. A competent grid is adequate, reliable, secure, operable, and robust against externally driven disruptions. In practice, the reliability of the electricity grid often seems to be taken for granted; however, it is an essential element of the modern economy, and, with a changing grid, reliability is increasingly important. When a decision must be made to build or replace an individual power plant, stakeholders (individual investors) have traditionally considered the levelized cost of energy (LCOE) of the alternative generation options, which di-vides the total cost of an installation or plant by the kilowatt-hours it produces over its lifetime. However, metrics such as LCOE, based on grid-independent formulae to help power plant investors to maximize returns, are inappropriate for comparing technologies that deliver and demand a complex menu of services specific to the grid. A different metric is required to evaluate each technology’s contribution to the grid.

Impact of Energy Market Distortions on the Productivity of Energy Enterprises in China

China aims to enhance its total factor productivity (TFP) to achieve sustainable development. However, the looming energy market reform and its accompanying energy distortions prevent the realization of this ambitious goal. This study first establishes a theoretical model to reveal the inhibitory effects of energy market distortions on the TFP of energy enterprises, and we examine this issue using the micro-data of Chinese energy enterprises. The empirical results indicate that relative distortions among energy enterprises and overall distortions in different regions significantly inhibit the promotion of energy enterprises TFP, but the marginal inhibitory effects are diminishing. Energy market distortions also inhibit enterprises’ entry and accelerate enterprises’ exit from the energy market. Thus, eliminating inappropriate interventions in micro-energy enterprises, establishing a unified national energy market, and improving the competitive environment of energy companies are of great theoretical and policy importance.

Assessing the Flexibility of Renewable Energy Multinational Corporations

Currently, international business and society are on the eve of large-scale changes. The study aims to develop a methodological approach to assess the energy flexibility of multinational corporations in the context of the structural transformation management of renewable energy production. The methodology of this study is based on a comprehensive approach, which includes the methodology of the United States Agency for International Development (USAID), diagnostics of the level of development and energy flexibility of multinational corporations, regression analysis and scenario modeling. In particular, scenario analysis of renewable energy development in countries of the Commonwealth of Independent States (CIS) and economic analysis of projects for the development of corporate renewable energy industry were carried out. The results showed that the Russian renewable energy business is flexible enough for changes; however, at the same time, changes are needed in the national legislation, the basics of work, the national energy market; the conditions should be formed for the development of this business, a green tariff on a market basis should be formed, etc. The scientific contribution of this study is the proposed indicator in the form of the Multinational Corporation Energy Flexibility Index. It provides an opportunity to diagnose the agility of multinational corporations’ development, taking into account changes in their production structure. The developments obtained in the course of the work can be applied for studies related to assessing the flexibility of national energy systems, as well as in the practice of managing multinational corporations operating in the field of renewable energy.

Atmospheric mercury in the Latrobe Valley, Australia: Case study June 2013

Gaseous elemental mercury observations were conducted at Churchill, Victoria, in Australia from April to July, 2013, using a Tekran 2537 analyzer. A strong diurnal variation with daytime average values of 1.2–1.3 ng m–3 and nighttime average values of 1.6–1.8 ng m–3 was observed. These values are significantly higher than the Southern Hemisphere average of 0.85–1.05 ng m–3. Churchill is in the Latrobe Valley, approximately 150 km East of Melbourne, where approximately 80% of Victoria’s electricity is generated from low-rank brown coal from four major power stations: Loy Yang A, Loy Yang B, Hazelwood, and Yallourn. These aging generators do not have any sulfur, nitrogen oxide, or mercury air pollution controls. Mercury emitted in the 2015–2016 year in the Latrobe Valley is estimated to have had an externalized health cost of $AUD88 million. Air pollution mercury simulations were conducted using the Weather Research and Forecast model with Chemistry at 3 × 3 km resolution. Electrical power generation emissions were added using mercury emissions created from the National Energy Market’s 5-min energy distribution data. The strong diurnal cycle in the observed mercury was well simulated (R2 = .49 and P value = 0.00) when soil mercury emissions arising from several years of wet and dry deposition in a radius around the power generators was included in the model, as has been observed around aging lignite coal power generators elsewhere. These results indicate that long-term air and soil sampling in power generation regions, even after the closure of coal fired power stations, will have important implications to understanding the airborne mercury emissions sources.

Policy roadmap to net zero: the role of gas in decarbonising the National Energy Market

As the National Energy Market (NEM) changes to a more diverse grid with emissions reduction targets, the way we value technologies must also change (Boston et al. 2017). This change in value is fundamental as the future low emissions grid will require careful planning and implementation to guarantee the lowest total system cost is maintained, particularly as a net zero grid will be drastically larger than the current system. This planning must include system strength. The Australian Energy Market Operator Integrated System Plan states that the current market mechanisms cannot facilitate achieving a low emissions grid (Australian Energy Market Operator (AEMO) 2020a). Policy and market mechanisms will need to be designed for this changing system. If net zero is to be met, Modelling of Energy and Grid Services by Red Vector and Gamma Energy technology has shown that this future grid needs to contain: approximately 100GW of variable renewable energy; almost 20GW of firm, low emissions generation, such as gas or coal with carbon capture and storage (CCS), bioenergy with CCS and hydroelectric power. If CCS is not available, nuclear power will be required; more than 10GW of storage, including pumped hydro energy storage and other energy storage technologies and over 30GW of firm, dispatchable peaking plant, including coal- and gas-fired power generation. This study sets out the role for gas in a policy road map to net zero for the NEM, harnessing and reforming existing policies, as well as introducing new mechanisms to achieve net zero emissions while retaining a reliable grid at the lowest total system cost.

THE ROLE OF THE ENERGY MARKET IN MANAGEMENT OF RESOURCE SAVING AND RESOURCE EFFICIENCY OF COMPETITIVE ENTERPRISES IN THE AGRICULTURAL FIELD

Introduction. This article presents a study of the role of the modern energy market in the management of resource conservation and resource efficiency of competitive enterprises in the agri-food sector of Ukraine. The study uses monographic, economic-statistical and abstract-logical scientific methods of economic research. The purpose of this article is a comprehensive study of the role of the energy market in the management of resource conservation and resource efficiency of competitive enterprises in the agri-food sector. Results. The article proves that the effective development of domestic agricultural enterprises largely depends on the stability of the production needs of diesel fuel and gasoline, it should be noted that the key role is played by the stability of prices for these types of energy resources. The modern world tendencies of hydrocarbons use and products of their processing taking into account resource saving and resource efficiency are investigated. The current directions of energy saving and ways to save fuel and lubricants are formed, the problems of their use in the agricultural sector of Ukraine are investigated. Factors influencing the national energy market are systematized, taking into account the specifics of agricultural production. The structuring of fuel consumption in agricultural enterprises of Ukraine and fuel consumption in agriculture in physical units is carried out, the receipt and availability of gasoline and diesel fuel in national agricultural enterprises are analyzed. The dynamics of prices for the main types of fuel used for agricultural production is analyzed. Conclusions. The scientific novelty in this article is the systematization of fuel suppliers in the regional market, which made it possible to identify their dependence on industrial and financial groups. The offered possibilities of own capacities use for storage of oil products in the agricultural enterprises have practical value in the presented scientific research. Prospects for further research in this area should be directed to such an important area of educing the use of fuels and lubricants as the use of modern technologies for basic tillage and soil preparation for crops. Key words: energy market, management, resource saving, resource efficiency, competitive, enterprises in the agricultural field.

Domestic space heating dynamic costs under different technologies and energy tariffs: Case study in Spain

Dynamic energy tariffs facilitate engaging domestic consumers on demand management, contributing to grid’s stability, but requires of informed decision enabling tools. This paper presents a domestic heating costs calculation method for different heating technologies (gas boiler, heat-pumps) and a range of energy tariffs. Based on physical modeling, effect of outdoor temperature in the COP of heat-pumps is assessed. The methodology is applied to the 2018/19 heating season in Madrid (Spain), calculating the heating costs under four diverse energy tariffs (static gas tariff, static electricity tariff, real-time-price electricity tariff, dynamic time-of-use electricity tariff) for a typical home demand. The hourly results for two representative days are detailed, along with the aggregated results for the whole season. Along the season, the continuous changes in energy wholesale market prices and weather conditions make one heating technology and/or tariff more convenient each time. For the whole season, the dynamic time-of-use tariff considered would imply heating costs up to 40% lower than the static gas tariff. The results are strongly conditioned by climate conditions and national energy market evolutions. Day-ahead information on the actual heating costs might lead to domestic end-users to adapt their behavior and consumption patterns for more cost-effective use of the energy.

Assessment of the Capacity Credit of Renewables and Storage in Multi-Area Power Systems

Capacity credit (CC) can be defined as the capacity of conventional generators that can be replaced by renewable energy sources (RES) and/or other resources such as energy storage without reducing system reliability. Conventional approaches for calculating CC typically treat the power system as a single area without considering transfer constraints and reliability of interconnectors. However, in multi-area power systems locational aspects are key to assess tradeoffs and synergies arising from transmission, storage and RES in providing adequacy of supply. In this work, we propose a new methodology to quantify the CC of RES and storage in a multi-area power system. Due to the large computational burden brought about by composite system adequacy evaluation, a new accelerated sequential Monte Carlo simulation strategy and a new adaptive sampling approach are specifically developed to achieve computation efficiency. The proposed methodology is tested by demonstrating the impact of interconnectors' transfer constraints and availability on RES-storage CC in the case of the Australian National Energy Market (NEM) multi-area power system, with applications to wind, solar, and pumped hydro storage plants. The results from several realistic NEM case studies highlight how the proposed model can inform strategic, reliability-aware integrated system planning of large-scale interconnected low-carbon power systems.

Techno-economic comparison of buildings acting as Single-Self Consumers or as energy community through multiple economic scenarios

The European Union has set ambitious targets to move towards a society with high penetration of renewable energy sources. In the forthcoming energy transition, Energy Communities (EC), i.e., legal entities where different actors, including citizens, cooperate in energy generation, storage and management, will play a crucial role. The present work simulates the energy flows and assesses the potential economic benefits of a cluster of buildings acting collectively as an energy community – a specific case study is set in northern Italy by comparing the EC performance with a configuration where customers act as Single Self-Consumers (SSCs). Pending the transposition of EU Directives to binding national laws, due by 2021, different supporting tariffs (economic scenarios) have been simulated in order to determine which scheme will support more effectively the integration of Energy Communities in the national energy market. Results show that ECs (i.e., customers acting collectively as energy prosumers) are able to accelerate the diffusion of building-integrated renewable energy sources (RES), resulting in higher overall self-consumption rates than SSCs. Self-consumed electricity generates savings on the energy bill of EC, and we calculated positive economic performance indicators for all the analysed economic scenarios. The sensitivity analysis carried out on system and transport charges of the electricity bill shows their remarkable impact on the economics making the EC less attractive for investors and citizens without proper supporting schemes.

Status and Evolution of the Community Energy Sector in Italy

Community energy (CE) initiatives have been progressively spreading across Europe and are increasingly proposed as innovative and alternative approaches to guarantee higher citizen participation in the transition toward cleaner energy systems. This paper focuses the attention on Italy, a Southern European country characterized by relatively low CE sector development. It fills a gap in the literature by eliciting and presenting novel and comprehensive evidence on recent Italian CE sector developments. Through a stepwise approach it systematically maps and reviews Italian CE initiatives, to then focus the attention on three specific case studies to further explore conditions for development as well as of success within the Italian energy system. The analysis presents an Italian CE sector still at its niche level, characterized by small initiatives largely dependent on national photovoltaics (PV) policy support. It also points out how only larger initiatives, able to operate at national scale, developing multiple projects and differentiating their activities have managed to continue growing at the time of discontinuity of policy support and contraction of the national renewable energy market. Recent EU and national legislative development might support revived development of CE initiatives in Italy.

China’s energy policies and strategies for climate change and energy security

Abstract National energy security, parallel with the ultimate goal of emissions reductions, is of utmost priority for the Chinese government. In order to comply with the requirements set by the Kyoto Protocol, the Chinese government announced, on 25 November 2009, that 2020’s CO2 emissions would be reduced by 40–45 per cent in accordance with the data collected from 2005. Said goal was met three years ahead of schedule. Even in light of such an accomplishment, however, commentators suggest that the overall nationally determined contributions (NDCs) made by the Parties belonging to the Paris agreement are not enough to reduce global warming by even 2°C. This article focuses on the concept of energy security in assessing whether, and how, the priorities related to climate change are gradually changing. After analysing climate change’s impact on China, conducted via an analysis of the study’s available literature and through the support of international data, this article mainly focuses on the concept of energy security, itself. Under the second section, based on the examination of China’s efforts to transition towards a low-carbon economy, the authors provide a holistic definition of energy security through the lens of three dimensions: energy supply security, energy economy and energy ecological security. The third section, in turn, addresses the relationship between energy security and climate change. The results presented in the conclusion insist that, in order to strengthen environmental protection in China, it is crucial to reform the highly inefficient and strictly regulated national energy market. In doing so, China’s transition to a low-carbon society and economy could prove less painful, as China’s available resources offer the potential for a strengthened ecological dimension and sustained socio-economic development.

Using energy storage to stabilise grids and increase revenues

Electric networks are facing unprecedented challenges. Increasing security concerns, more frequent natural disasters, and growing shares of renewables are adding stress to these networks. There are new solutions based on energy storage, smart automation, and controls that stabilise grids, which can reduce the curtailment of local renewable generators and provide continuous power to network customers. An innovative Hitachi ABB Power Grids grid edge solution in South Australia's lower Yorke Peninsula demonstrates how e-mesh control, management, automation, and the PowerStore Battery Energy Storage System (BESS) improve reliability and resilience in the network. The project unlocks new revenue streams from both the local network and the national energy market. Since beginning operation in late 2018, the 30 MW ESCRI (Energy Storage for Commercial Renewable Integration) Dalrymple BESS drastically reduced outages from 8 h down to 30 min within its first 6 months of operation. The solution allows >100 km of network feeders to island, limiting curtailment from the 91 MW Wattle Point Wind Farm and >2 MW of distributed rooftop solar panels. While islanded, local network customers continue to receive secure, reliable power entirely from renewable sources. The demonstrated functionalities – in particular, fast response and synthetic inertia – unlock new revenue opportunities for BESS deployment globally.

A Design for a Secure Energy Market Trading System in a National Wholesale Electricity Market

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.