Blockchain-based Fully Peer-to-Peer Energy Trading Strategies for Residential Energy Systems

Tarek Alskaif, Jose Luis Crespo-Vazquez, Milos Sekuloski, Gijs van Leeuwen, Joao P.S. Catalao

Research output: Contribution to journalArticleAcademicpeer-review

Abstract

This paper proposes two novel strategies for determining the bilateral trading preferences of households participating in a fully Peer-to-Peer (P2P) local energy market. The first strategy is based on the matching between surplus power supply and demand of participants, while the second is based on the distance between them in the network. The impact of the bilateral trading preferences on the price and amount of energy traded is assessed for the two strategies. A decentralized fully P2P energy trading market is developed to generate the results in a day-ahead setting. Besides, a permissioned blockchain-smart contract platform is used for the implementation of the decentralized P2P trading market on a digital platform. Real data from a residential neighborhood, with different varieties of distributed energy resources, located in the city of Amsterdam, The Netherlands, is used for the simulations. Results show that in the two strategies, the energy procurement cost and grid interaction of all participants in P2P trading are reduced compared to a baseline scenario. The total amount of P2P traded energy is found to be higher when the trading preferences are based on distance, however the P2P trading prices in this strategy are found to be lower. Further, a comparison is made between two scenarios: with and without electric heating in households. Although the electrification of heating reduces the total amount of P2P energy trading, its impact on the trading prices is found to be limited.
Original languageEnglish
JournalIEEE Transactions on Industrial Informatics
DOIs
Publication statusE-pub ahead of print - 3 May 2021

Keywords

  • Batteries
  • Blockchain
  • Informatics
  • Microgrids
  • Peer-to-peer computing
  • Resistance heating
  • Smart contracts

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