scholarly journals Integrated Energy Transaction Mechanisms Based on Blockchain Technology

Energies ◽  
2018 ◽  
Vol 11 (9) ◽  
pp. 2412 ◽  
Author(s):  
Shengnan Zhao ◽  
Beibei Wang ◽  
Yachao Li ◽  
Yang Li
Keyword(s):  
Demand Response ◽  
Electricity Market ◽  
Rapid Development ◽  
Market Model ◽  
Distributed Energy ◽  
Energy Internet ◽  
Market Participants ◽  
Blockchain Technology ◽  
Call Auction ◽  
Two Stages

With the rapid development of distributed renewable energy (DRE), demand response (DR) programs, and the proposal of the energy internet, the current centralized trading of the electricity market model is unable to meet the trading needs of distributed energy. As a decentralized and distributed accounting mode, blockchain technology fits the requirements of distributed energy to participate in the energy market. Corresponding to the transaction principle, a blockchain-based integrated energy transaction mechanism is proposed, which divides the trading process into two stages: the call auction stage and the continues auction stage. The transactions among the electricity and heat market participants were used as examples to explain the details of the trading process. Finally, the smart contracts of the transactions were designed and deployed on the Ethereum private blockchain site to demonstrate the validity of the proposed transaction scheme.

scholarly journals Blockchain as a Tool for Increasing Information Transparency of the Business Ecosystem

2021 ◽  
Vol 8 (4) ◽  
pp. 6-17
Author(s):  
R. P. Bulyga ◽  
I. V. Safonova
Keyword(s):  
Information Exchange ◽  
Rapid Development ◽  
Financial Economic ◽  
Information Transparency ◽  
Market Participants ◽  
Blockchain Technology ◽  
Analysis And Synthesis ◽  
Definition Of ◽  
And Control

The rapid development of blockchain allows us to refresh and update our technological approaches to the formation of business information. According to experts future blockchain ecosystems will form a different philosophy of organizing financial and management accounting. The aim of the study is to identify trends in the development of blockchain technology, forecast the consequences of its application in the accounting and information area of economic entities. Its methodology is based on the use of the following methods: analysis and synthesis, comparison, systemic and logical approach, the method of analogies and grouping. The paper provides an overview of studies of authoritative global platforms about the potential of using blockchain technology and distributed ledgers in the financial, economic, accounting and control spheres. The authors analyzed global initiatives for the development of blockchain technology which actively had being discussed in the world community. The essence and approaches to the definition of blockchain are shown, as well as the classification of blockchain systems types. The trends in the development of blockchain in the field of management activities and the potential possibilities of its application at certain stages of the accounting process are revealed. It is concluded that the use of a blockchain system is an effective platform for the information exchange between economic entities, ensuring its reliability, safety and transparency, forming an instrumental basis for the transactional accounting development. The study may be of interest to national regulators, investors and financial market participants, as well as international business and professional communities.

scholarly journals Use of Blockchain Technology in Energy Banking and Electricity Markets

2021 ◽  
Vol 2 (3) ◽  
pp. 179-186
Author(s):  
S. K. Jain ◽  
Paresh Khandelwal ◽  
P. K. Agarwal
Keyword(s):  
Real Time ◽  
Electricity Markets ◽  
Electricity Market ◽  
Electric Energy ◽  
Third Party ◽  
Over The Counter ◽  
Market Participants ◽  
Blockchain Technology ◽  
Power Exchange ◽  
The Cost

The power system reforms worldwide have commoditized electric energy and thus the electricity market has been developed. With this, trading of electric energy takes place in various time-domain like the day ahead, real-time, etc. These transactions take place through over the counter (OTC) or Power Exchange (Px) which provide to the market participants the required platform and payment security. The transactions on OTC and Px requires a third-party platform and guarantee for contract & settlement, there incurs overhead cost. Since electric energy is a fungible commodity, it can be transacted very well with the old system like barter. Energy Banking is one such mechanism wherein one utility supplies the energy to another utility that need it more and in leisure, the energy can then be provided back. The requisite security of the transactions can be provided by blockchain technology. Energy banking is presently being done only on MW quantum basis with no price tag despite the cost being dependent on the demand-supply ratio. To ensure energy banking transactions in real-time and free from the perils of financial settlements, this article suggests the use of the Peer-to-Peer (P2P) model of blockchain technology for executing Smart Contracts mutually agreed upon by both parties and avoiding third parties overhead costs. Doi: 10.28991/HIJ-2021-02-03-03 Full Text: PDF

scholarly journals Trading solar energy within the neighborhood: field implementation of a blockchain-based electricity market

2019 ◽  
Vol 2 (S1) ◽  
Author(s):  
Anselma Wörner ◽  
Arne Meeuw ◽  
Liliane Ableitner ◽  
Felix Wortmann ◽  
Sandro Schopfer ◽  
...  
Keyword(s):  
Literature Review ◽  
Electricity Market ◽  
Large Scale ◽  
Energy Markets ◽  
Power Markets ◽  
Distributed Energy ◽  
Market Structures ◽  
Blockchain Technology ◽  
The Status ◽  
Technical Specifications

Abstract Due to environmental and resiliency benefits, distributed energy resources (DER) are a potential solution for meeting future electricity demand, but their integration into centralized power markets on the large scale is challenging. Many practitioners argue that blockchain technology can create new market structures for DER like local peer-to-peer energy markets which foster renewable generation. To get an understanding of the status quo of the research on blockchain-based energy exchange, we conducted a systematic literature review on the existing academic articles and industry projects. This article describes the design and technical specifications of the first real blockchain-based electricity market in Switzerland derived from this literature review and outlines the implementation of this market in the real world. The findings provide valuable guidelines for the integration of DER into future sustainable energy markets.

scholarly journals The Role of Demand Response Aggregators and the Effect of GenCos Strategic Bidding on the Flexibility of Demand

Energies ◽  
2018 ◽  
Vol 11 (12) ◽  
pp. 3296 ◽  
Author(s):  
Nur Mohammad ◽  
Yateendra Mishra
Keyword(s):  
Transaction Cost ◽  
Demand Response ◽  
Electricity Market ◽  
Market Model ◽  
Strategic Bidding ◽  
Load Curtailment ◽  
Upper Level ◽  
Trading Scheme ◽  
The Cost

This paper presents an interactive trading decision between an electricity market operator, generation companies (GenCos), and the aggregators having demand response (DR) capable loads. Decisions are made hierarchically. At the upper-level, an electricity market operator (EMO) aims to minimise generation supply cost considering a DR transaction cost, which is essentially the cost of load curtailment. A DR exchange operator aims to minimise this transaction cost upon receiving the DR offer from the multiple aggregators at the lower level. The solution at this level determines the optimal DR amount and the load curtailment price. The DR considers the end-user’s willingness to reduce demand. Lagrangian duality theory is used to solve the bi-level optimisation. The usefulness of the proposed market model is demonstrated on interconnection of the Pennsylvania-New Jersey-Maryland (PJM) 5-Bus benchmark power system model under several plausible cases. It is found that the peak electricity price and grid-wise operation expenses under this DR trading scheme are reduced.

Powered by blockchain: forecasting blockchain use in the electricity market

2020 ◽  
Vol 14 (6) ◽  
pp. 1221-1238 ◽  
Author(s):  
Stefan Höhne ◽  
Victor Tiberius
Keyword(s):  
Electricity Market ◽  
Delphi Study ◽  
Energy Sector ◽  
Electricity Sector ◽  
Future Scenario ◽  
Content Type ◽  
Market Participants ◽  
Blockchain Technology ◽  
Regulatory Frameworks ◽  
Research Gap

Purpose The purpose of this study is to formulate the most probable future scenario for the use of blockchain technology within the next 5–10 years in the electricity sector based on today’s experts’ views. Design/methodology/approach An international, two-stage Delphi study with 20 projections is used. Findings According to the experts, blockchain applications will be primarily based on permissioned or consortium blockchains. Blockchain-based applications will integrate Internet of Things devices in the power grid, manage the e-mobility infrastructure, automate billing and direct payment and issue certificates regarding the origin of electricity. Blockchain solutions are expected to play an important big role in fostering peer-to-peer trading in microgrids, further democratizing and decentralizing the energy sector. New regulatory frameworks become necessary. Research limitations/implications The Delphi study’s scope is rather broad than narrow and detailed. Further studies should focus on partial scenarios. Practical implications Electricity market participants should build blockchain-based competences and collaborate in current pilot projects. Social implications Blockchain technology will further decentralize the energy sector and probably reduce transaction costs. Originality/value Despite the assumed importance of blockchain technology, no coherent foresight study on its use and implications exists yet. This study closes this research gap.

scholarly journals Formal modelling of the electricity markets: the example of the load reduction of electricity mechanism “NEBEF”

2021 ◽  
Vol 897 (1) ◽  
pp. 012017
Author(s):  
Florian Selot ◽  
Bruno Robisson ◽  
Claire Vaglio-Gaudard ◽  
Javier Gil-Quijano
Keyword(s):  
Demand Response ◽  
Electricity Markets ◽  
Electricity Market ◽  
Third Party ◽  
Formal Approach ◽  
New Parties ◽  
Eu Regulation ◽  
Market Participants ◽  
Final Consumer ◽  
The Eu

Abstract The liberalisation of the electricity market initiated at the beginning of the 21st century has opened it to new parties. To ensure the growth of participants’ number will support the system’s balance, the EU regulation 2019/943 confirms that “all market participants should be financially responsible of the imbalances they cause”. In their respective area, the transmission system operators develops the regulation in compliance with this condition. However, as the regulation takes into account the new realities of the market such as renewables, the interactions between the participants become more complex. One of the risks is that the imbalance of an actor may not be due to its own actions, not complying with the EU regulation then. To analyse this kind of implicit condition, we propose a formal approach to model the exchanges of energy. Using the French regulation as a base, we model the participants and their interactions in the form of symbolic equations using the energy-related terms as variables. In this paper, to illustrate the model we will use to analyse the entire electricity market, we apply it to the NEBEF mechanism only. This mechanism is dedicated to the selling of demand response in France and introduces a third party between the final producer and the final consumer: the demand response operator. We model the mechanism and analyse how the mechanism complies with the balancing responsibility. Our results demonstrate that the mechanism complies with the regulation but there are some limits due to the calculation method of the reference consumption.

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