Decentralized P2P Trading based on Blockchain for Retail Electricity Markets
- Resource Type
- Conference
- Authors
- Nazari, Masoud H.; Biswas, Antar Kumar
- Source
- 2024 IEEE Power & Energy Society Innovative Smart Grid Technologies Conference (ISGT) Power & Energy Society Innovative Smart Grid Technologies Conference (ISGT), 2024 IEEE. :1-5 Feb, 2024
- Subject
- Power, Energy and Industry Applications
Organizations
Electricity supply industry
Blockchains
Smart grids
Peer-to-peer computing
Optimization
Matlab
Electricity market
peer-to-peer energy trading
Blockchain
distributed energy resources
demand response
- Language
- ISSN
- 2472-8152
This paper introduces peer to peer (P2P) trading mechanisms based on decentralized Blockchain to facilitate retail electricity market for ever-increasing distributed energy resources (DERs). The Blockchain network supports fast and secure retail trading among DERs and facilitates a sustainable local P2P trading platform. In this decentralized Blockchain architecture no single entity or organization has control over the entire system rather all users collectively maintain control. The effectiveness of the proposed automated market design and optimization is simulated using different use case scenarios in an open source Blockchain Simulator and MATLAB. The results show the efficacy of the trading mechanism in achieving demand response through strategies such as peak load shaving, load shifting, and integration of DERs.