Integrating Forecasting Service and Gen2 Blockchain Into a Local Energy Trading Platform to Promote Sustainability Goals
<p dir="ltr">Peer-to-peer (P2P) trading in a local energy market (LEM) offers various participants the opportunity to negotiate and strike energy deals among themselves using a distributed ledger technology called blockchain. In this paper, a new local model is presented using a laye...
Saved in:
| Main Author: | |
|---|---|
| Other Authors: | , , , , , , |
| Published: |
2024
|
| Subjects: | |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1864513545583984640 |
|---|---|
| author | Liaqat Ali (641438) |
| author2 | M. Imran Azim (16904595) Nabin Babu Ojha (21633023) Jan Peters (296042) Vivek Bhandari (16904598) Anand Menon (803619) Jemma Green (16904601) S. M. Muyeen (14778337) |
| author2_role | author author author author author author author |
| author_facet | Liaqat Ali (641438) M. Imran Azim (16904595) Nabin Babu Ojha (21633023) Jan Peters (296042) Vivek Bhandari (16904598) Anand Menon (803619) Jemma Green (16904601) S. M. Muyeen (14778337) |
| author_role | author |
| dc.creator.none.fl_str_mv | Liaqat Ali (641438) M. Imran Azim (16904595) Nabin Babu Ojha (21633023) Jan Peters (296042) Vivek Bhandari (16904598) Anand Menon (803619) Jemma Green (16904601) S. M. Muyeen (14778337) |
| dc.date.none.fl_str_mv | 2024-01-09T03:00:00Z |
| dc.identifier.none.fl_str_mv | 10.1109/access.2023.3347432 |
| dc.relation.none.fl_str_mv | https://figshare.com/articles/journal_contribution/Integrating_Forecasting_Service_and_Gen2_Blockchain_Into_a_Local_Energy_Trading_Platform_to_Promote_Sustainability_Goals/29445557 |
| dc.rights.none.fl_str_mv | CC BY 4.0 info:eu-repo/semantics/openAccess |
| dc.subject.none.fl_str_mv | Engineering Electrical engineering Blockchain technology forecasting service LEM P2P energy trading smart contracts Blockchains Forecasting Costs Smart contracts Stakeholders Engines Batteries Power markets Energy management |
| dc.title.none.fl_str_mv | Integrating Forecasting Service and Gen2 Blockchain Into a Local Energy Trading Platform to Promote Sustainability Goals |
| dc.type.none.fl_str_mv | Text Journal contribution info:eu-repo/semantics/publishedVersion text contribution to journal |
| description | <p dir="ltr">Peer-to-peer (P2P) trading in a local energy market (LEM) offers various participants the opportunity to negotiate and strike energy deals among themselves using a distributed ledger technology called blockchain. In this paper, a new local model is presented using a layer-2 scalability solution for second-generation (Gen2) blockchain technology to enable P2P trading among four types of participants: consumers, prosumers with solar photovoltaic (PV) systems, prosumers with solar PV systems and battery energy storage systems (BESSs), and electric vehicles (EVs). The proposed LEM trading platform involves several critical steps, including the creation of typical forecasting profiles for load consumption, solar generation, and battery state-of-charge (SOC) through a forecasting solution. Next, the LEM participants place their pricing bids using a trading agent service, and the trading engine collects the profiles data and bid prices, which performs matchmaking in a forward-facing market. The output of the trading engine consists of dispatch signals for prices and energy values that are sent to each participant to execute actual trading. Furthermore, the trading engines store the accepted and past bidding data and energy values of P2P trades for each participant in blockchain technology, which can be retrieved and displayed on the LEM user interface screens of participants and administrators using their blockchain addresses at any time during the trading process. This study focuses on simulating proposed LEM models, incorporating functional limitations and market rules. These rules aim to reduce energy costs, enhance margins for utilities and retailers, and mitigate grid congestion through BESSs, resulting in reduced operational and capital expenditure. LEM outcomes are analysed and compared with a Business-as-usual (BAU) model. Participants’ energy trading behaviour, cost-revenue dynamics, grid impact, and blockchain implementation costs are explored. The study highlights LEM benefits in terms of reduced CO<sub>2</sub> emissions by 984 kg CO<sub>2</sub>, increased self-sufficiency by 2.2%, and improved financial benefits of all participants by 21.6%. The use of modern blockchain technology guarantees secure data storage and rapid, cost-effective energy trading, thereby making the proposed LEM platform a viable solution in the distribution market.</p><h2>Other Information</h2><p dir="ltr">Published in: IEEE Access<br>License: <a href="https://creativecommons.org/licenses/by/4.0/deed.en" target="_blank">https://creativecommons.org/licenses/by/4.0/</a><br>See article on publisher's website: <a href="https://dx.doi.org/10.1109/access.2023.3347432" target="_blank">https://dx.doi.org/10.1109/access.2023.3347432</a></p> |
| eu_rights_str_mv | openAccess |
| id | Manara2_92b0cea381c9f4ec917c87339b2c1d26 |
| identifier_str_mv | 10.1109/access.2023.3347432 |
| network_acronym_str | Manara2 |
| network_name_str | Manara2 |
| oai_identifier_str | oai:figshare.com:article/29445557 |
| publishDate | 2024 |
| repository.mail.fl_str_mv | |
| repository.name.fl_str_mv | |
| repository_id_str | |
| rights_invalid_str_mv | CC BY 4.0 |
| spelling | Integrating Forecasting Service and Gen2 Blockchain Into a Local Energy Trading Platform to Promote Sustainability GoalsLiaqat Ali (641438)M. Imran Azim (16904595)Nabin Babu Ojha (21633023)Jan Peters (296042)Vivek Bhandari (16904598)Anand Menon (803619)Jemma Green (16904601)S. M. Muyeen (14778337)EngineeringElectrical engineeringBlockchain technologyforecasting serviceLEMP2P energy tradingsmart contractsBlockchainsForecastingCostsSmart contractsStakeholdersEnginesBatteriesPower marketsEnergy management<p dir="ltr">Peer-to-peer (P2P) trading in a local energy market (LEM) offers various participants the opportunity to negotiate and strike energy deals among themselves using a distributed ledger technology called blockchain. In this paper, a new local model is presented using a layer-2 scalability solution for second-generation (Gen2) blockchain technology to enable P2P trading among four types of participants: consumers, prosumers with solar photovoltaic (PV) systems, prosumers with solar PV systems and battery energy storage systems (BESSs), and electric vehicles (EVs). The proposed LEM trading platform involves several critical steps, including the creation of typical forecasting profiles for load consumption, solar generation, and battery state-of-charge (SOC) through a forecasting solution. Next, the LEM participants place their pricing bids using a trading agent service, and the trading engine collects the profiles data and bid prices, which performs matchmaking in a forward-facing market. The output of the trading engine consists of dispatch signals for prices and energy values that are sent to each participant to execute actual trading. Furthermore, the trading engines store the accepted and past bidding data and energy values of P2P trades for each participant in blockchain technology, which can be retrieved and displayed on the LEM user interface screens of participants and administrators using their blockchain addresses at any time during the trading process. This study focuses on simulating proposed LEM models, incorporating functional limitations and market rules. These rules aim to reduce energy costs, enhance margins for utilities and retailers, and mitigate grid congestion through BESSs, resulting in reduced operational and capital expenditure. LEM outcomes are analysed and compared with a Business-as-usual (BAU) model. Participants’ energy trading behaviour, cost-revenue dynamics, grid impact, and blockchain implementation costs are explored. The study highlights LEM benefits in terms of reduced CO<sub>2</sub> emissions by 984 kg CO<sub>2</sub>, increased self-sufficiency by 2.2%, and improved financial benefits of all participants by 21.6%. The use of modern blockchain technology guarantees secure data storage and rapid, cost-effective energy trading, thereby making the proposed LEM platform a viable solution in the distribution market.</p><h2>Other Information</h2><p dir="ltr">Published in: IEEE Access<br>License: <a href="https://creativecommons.org/licenses/by/4.0/deed.en" target="_blank">https://creativecommons.org/licenses/by/4.0/</a><br>See article on publisher's website: <a href="https://dx.doi.org/10.1109/access.2023.3347432" target="_blank">https://dx.doi.org/10.1109/access.2023.3347432</a></p>2024-01-09T03:00:00ZTextJournal contributioninfo:eu-repo/semantics/publishedVersiontextcontribution to journal10.1109/access.2023.3347432https://figshare.com/articles/journal_contribution/Integrating_Forecasting_Service_and_Gen2_Blockchain_Into_a_Local_Energy_Trading_Platform_to_Promote_Sustainability_Goals/29445557CC BY 4.0info:eu-repo/semantics/openAccessoai:figshare.com:article/294455572024-01-09T03:00:00Z |
| spellingShingle | Integrating Forecasting Service and Gen2 Blockchain Into a Local Energy Trading Platform to Promote Sustainability Goals Liaqat Ali (641438) Engineering Electrical engineering Blockchain technology forecasting service LEM P2P energy trading smart contracts Blockchains Forecasting Costs Smart contracts Stakeholders Engines Batteries Power markets Energy management |
| status_str | publishedVersion |
| title | Integrating Forecasting Service and Gen2 Blockchain Into a Local Energy Trading Platform to Promote Sustainability Goals |
| title_full | Integrating Forecasting Service and Gen2 Blockchain Into a Local Energy Trading Platform to Promote Sustainability Goals |
| title_fullStr | Integrating Forecasting Service and Gen2 Blockchain Into a Local Energy Trading Platform to Promote Sustainability Goals |
| title_full_unstemmed | Integrating Forecasting Service and Gen2 Blockchain Into a Local Energy Trading Platform to Promote Sustainability Goals |
| title_short | Integrating Forecasting Service and Gen2 Blockchain Into a Local Energy Trading Platform to Promote Sustainability Goals |
| title_sort | Integrating Forecasting Service and Gen2 Blockchain Into a Local Energy Trading Platform to Promote Sustainability Goals |
| topic | Engineering Electrical engineering Blockchain technology forecasting service LEM P2P energy trading smart contracts Blockchains Forecasting Costs Smart contracts Stakeholders Engines Batteries Power markets Energy management |