A decentralized blockchain-based energy market for citizen energy communities

Mousavi, P., Ghazizadeh, M.S. and Vahidinasab, V. ORCID: 0000-0002-0779-8727, 2023. A decentralized blockchain-based energy market for citizen energy communities. Inventions, 8 (4): 86.

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Despite the fact that power grids have been planned and utilized using centralized networks for many years, there are now significant changes occurring as a result of the growing number of distributed energy resources, the development of energy storage systems and devices, and the increased use of electric vehicles. In light of this development, it is pertinent to ask what an efficient approach would be to the operation and management of future distribution grids consisting of millions of distributed and even mobile energy elements. Parallel to this evolution in power grids, there has been rapid growth in decentralized management technology due to the development of relevant technologies such as blockchain networks. Blockchain is an advanced technology that enables us to answer the question raised above. This paper introduces a decentralized blockchain network based on the Hyperledger Fabric framework. The proposed framework enables the formation of local energy markets of future citizen energy communities (CECs) through peer-to-peer transactions. In addition, it is designed to ensure adequate load supply and observe the network’s constraints while running an optimal operation point by consensus among all of the players in a CEC. An open-source tool in Python is used to verify the performance of the proposed framework and compare the results. Through its distributed and layered management structure, the proposed blockchain-based framework proves its superior flexibility and proper functioning. Moreover, the results show that the proposed model increases system performance, reduces costs, and reaches an operating point based on consensus among the microgrid elements.

Item Type: Journal article
Publication Title: Inventions
Creators: Mousavi, P., Ghazizadeh, M.S. and Vahidinasab, V.
Publisher: MDPI
Date: 30 June 2023
Volume: 8
Number: 4
Rights: © 2023 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).
Divisions: Schools > School of Science and Technology
Record created by: Jonathan Gallacher
Date Added: 24 Jul 2023 15:12
Last Modified: 25 Jul 2023 08:04
URI: https://irep.ntu.ac.uk/id/eprint/49432

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