Blockchain-enabled Energy Trading and Battery-based Sharing in Microgrids

Document Type

Conference Proceeding

Source of Publication

IEEE International Conference on Communications

Publication Date

1-1-2024

Abstract

Carbon footprint reduction can be achieved through various methods, including the adoption of renewable energy sources. The installation of such sources, like photovoltaic panels, while environmentally beneficial, is cost-prohibitive for many. Those lacking photovoltaic solutions typically resort to purchasing energy from utility grids that often rely on fossil fuels. Moreover, when users produce their own energy, they may generate excess that goes unused, leading to inefficiencies. To address these challenges, this paper proposes innovative blockchain-enabled energy-sharing algorithms that allow consumers -without financial means- to access energy through the use of their own energy storage units. We explore two sharing models: a centralized method and a peer- to- peer (P2P) one. Our analysis reveals that the P2P model is more effective, enhancing the sharing process significantly compared to the centralized method. We also demonstrate that, when contrasted with traditional battery-supported trading algorithm, the P2P sharing algorithm substantially reduces wasted energy and energy purchases from the grid by 73.6%, and 12.3% respectively. The proposed system utilizes smart contracts to decentralize its structure, address the single point of failure concern, improve overall system transparency, and facilitate peer-to-peer payments.

ISBN

[9781728190549]

ISSN

1550-3607

Publisher

IEEE

First Page

4674

Last Page

4679

Disciplines

Computer Sciences

Keywords

battery-based energy sharing, Blockchain, P2P energy sharing, P2P energy trading

Scopus ID

85202856283

Indexed in Scopus

yes

Open Access

yes

Open Access Type

Green: A manuscript of this publication is openly available in a repository

Link to Full Text

Share

COinS