Development of a Blockchain-Based Energy Trading Scheme for Prosumers

Matthew Gough; Sergio F. Santos; Artur Almeida; Mohammad Javadi; Tarek Alskaif; Rui Castro; Joao P.S. Catalao

doi:10.1109/PowerTech46648.2021.9494810

Development of a Blockchain-Based Energy Trading Scheme for Prosumers

Matthew Gough, Sergio F. Santos, Artur Almeida, Mohammad Javadi, Tarek Alskaif, Rui Castro, Joao P.S. Catalao

Information Technology

Research output: Chapter in Book/Report/Conference proceeding › Conference paper › Academic › peer-review

4 Citations (Scopus)

Abstract

The combination of consumer owned Distributed Energy Resources, new Information and Communication Technologies (ICT), as well as changes to the national electricity regulations have created new opportunities for consumer engagement in the electricity sector. In this paper, this combination of technologies and regulations is examined in the Portuguese context. The new regulations dealing with self-consumption from prosumers are combined with smart contracts and distributed ledger technology to formulate an automated energy trading system for residential end-users in local energy markets. Results show that including prosumers in the local energy market brings significant benefits to all market participants. Additionally, results show that the newly created regulatory role of a Market Facilitator is beneficial to these type of local energy exchanges.

Original language	English
Title of host publication	2021 IEEE Madrid PowerTech, PowerTech 2021 - Conference Proceedings
Place of Publication	Madrid
Publisher	IEEE
ISBN (Electronic)	9781665435970
DOIs	https://doi.org/10.1109/PowerTech46648.2021.9494810
Publication status	Published - 28 Jun 2021
Event	2021 IEEE Madrid PowerTech, PowerTech 2021 - Madrid, Spain Duration: 28 Jun 2021 → 2 Jul 2021

Conference/symposium

Conference/symposium	2021 IEEE Madrid PowerTech, PowerTech 2021
Country/Territory	Spain
City	Madrid
Period	28/06/21 → 2/07/21

Keywords

Blockchain
Ethereum
Local Energy Markets
Market Facilitator
Microgrids
Smart Contracts
Solidity

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1109/PowerTech46648.2021.9494810

Cite this

@inproceedings{db812ea8e0944234aa07074ff7a07621,

title = "Development of a Blockchain-Based Energy Trading Scheme for Prosumers",

abstract = "The combination of consumer owned Distributed Energy Resources, new Information and Communication Technologies (ICT), as well as changes to the national electricity regulations have created new opportunities for consumer engagement in the electricity sector. In this paper, this combination of technologies and regulations is examined in the Portuguese context. The new regulations dealing with self-consumption from prosumers are combined with smart contracts and distributed ledger technology to formulate an automated energy trading system for residential end-users in local energy markets. Results show that including prosumers in the local energy market brings significant benefits to all market participants. Additionally, results show that the newly created regulatory role of a Market Facilitator is beneficial to these type of local energy exchanges.",

keywords = "Blockchain, Ethereum, Local Energy Markets, Market Facilitator, Microgrids, Smart Contracts, Solidity",

author = "Matthew Gough and Santos, {Sergio F.} and Artur Almeida and Mohammad Javadi and Tarek Alskaif and Rui Castro and Catalao, {Joao P.S.}",

year = "2021",

month = jun,

day = "28",

doi = "10.1109/PowerTech46648.2021.9494810",

language = "English",

booktitle = "2021 IEEE Madrid PowerTech, PowerTech 2021 - Conference Proceedings",

publisher = "IEEE",

address = "United States",

note = "2021 IEEE Madrid PowerTech, PowerTech 2021 ; Conference date: 28-06-2021 Through 02-07-2021",

}

Gough, M, Santos, SF, Almeida, A, Javadi, M, Alskaif, T, Castro, R & Catalao, JPS 2021, Development of a Blockchain-Based Energy Trading Scheme for Prosumers. in 2021 IEEE Madrid PowerTech, PowerTech 2021 - Conference Proceedings., 9494810, IEEE, Madrid, 2021 IEEE Madrid PowerTech, PowerTech 2021, Madrid, Spain, 28/06/21. https://doi.org/10.1109/PowerTech46648.2021.9494810

TY - GEN

T1 - Development of a Blockchain-Based Energy Trading Scheme for Prosumers

AU - Gough, Matthew

AU - Santos, Sergio F.

AU - Almeida, Artur

AU - Javadi, Mohammad

AU - Alskaif, Tarek

AU - Castro, Rui

AU - Catalao, Joao P.S.

PY - 2021/6/28

Y1 - 2021/6/28

N2 - The combination of consumer owned Distributed Energy Resources, new Information and Communication Technologies (ICT), as well as changes to the national electricity regulations have created new opportunities for consumer engagement in the electricity sector. In this paper, this combination of technologies and regulations is examined in the Portuguese context. The new regulations dealing with self-consumption from prosumers are combined with smart contracts and distributed ledger technology to formulate an automated energy trading system for residential end-users in local energy markets. Results show that including prosumers in the local energy market brings significant benefits to all market participants. Additionally, results show that the newly created regulatory role of a Market Facilitator is beneficial to these type of local energy exchanges.

AB - The combination of consumer owned Distributed Energy Resources, new Information and Communication Technologies (ICT), as well as changes to the national electricity regulations have created new opportunities for consumer engagement in the electricity sector. In this paper, this combination of technologies and regulations is examined in the Portuguese context. The new regulations dealing with self-consumption from prosumers are combined with smart contracts and distributed ledger technology to formulate an automated energy trading system for residential end-users in local energy markets. Results show that including prosumers in the local energy market brings significant benefits to all market participants. Additionally, results show that the newly created regulatory role of a Market Facilitator is beneficial to these type of local energy exchanges.

KW - Blockchain

KW - Ethereum

KW - Local Energy Markets

KW - Market Facilitator

KW - Microgrids

KW - Smart Contracts

KW - Solidity

U2 - 10.1109/PowerTech46648.2021.9494810

DO - 10.1109/PowerTech46648.2021.9494810

M3 - Conference paper

AN - SCOPUS:85112385233

BT - 2021 IEEE Madrid PowerTech, PowerTech 2021 - Conference Proceedings

PB - IEEE

CY - Madrid

T2 - 2021 IEEE Madrid PowerTech, PowerTech 2021

Y2 - 28 June 2021 through 2 July 2021

ER -

Development of a Blockchain-Based Energy Trading Scheme for Prosumers

Abstract

Conference/symposium

Keywords

UN SDGs

Access to Document

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Cite this