Game-theoretic peer-to-peer solar energy trading on blockchain-based transaction infrastructure
The growing share of distributed, renewable resources in energy mix to combat climate change calls for a significant efficiency improvement through market-based solutions such as peer-to-peer (P2P) transactive energy systems. This paradigm shift requires an energy market that supports its functions...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Elsevier
2023-09-01
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| Series: | e-Prime: Advances in Electrical Engineering, Electronics and Energy |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2772671123000876 |
| _version_ | 1797674913248575488 |
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| author | Moein Choobineh Ali Arabnya Amin Khodaei Honghao Zheng |
| author_facet | Moein Choobineh Ali Arabnya Amin Khodaei Honghao Zheng |
| author_sort | Moein Choobineh |
| collection | DOAJ |
| description | The growing share of distributed, renewable resources in energy mix to combat climate change calls for a significant efficiency improvement through market-based solutions such as peer-to-peer (P2P) transactive energy systems. This paradigm shift requires an energy market that supports its functions through well-designed market rules and transaction infrastructure—the two ingredients that form a marketplace. Blockchain technology can facilitate the implementation of both market rules and transaction infrastructure for newly emerging P2P transactive energy markets. In this paper, we propose a model for the design of a transactive energy marketplace using blockchain as transaction infrastructure based on game-theoretic market rules that incentivize a more sustainable energy generation and consumption behavior while preserving the privacy of economic agents in the market. We propose a novel consensus mechanism named Proof-of-Reserve (PoR) to perform consumer-prosumer transactions and block mining activities on a distributed ledger. The model is numerically analyzed on a test system to illustrate its effectiveness. The results demonstrate the effectiveness of game-theoretic modeling in establishing market equilibrium and showcase the efficiency of blockchain technology in facilitating a functional, decentralized transaction settlement process. |
| first_indexed | 2024-03-11T22:07:05Z |
| format | Article |
| id | doaj.art-949b298e23234ec8b1839828a0c2894c |
| institution | Directory Open Access Journal |
| issn | 2772-6711 |
| language | English |
| last_indexed | 2024-03-11T22:07:05Z |
| publishDate | 2023-09-01 |
| publisher | Elsevier |
| record_format | Article |
| series | e-Prime: Advances in Electrical Engineering, Electronics and Energy |
| spelling | doaj.art-949b298e23234ec8b1839828a0c2894c2023-09-25T04:12:39ZengElseviere-Prime: Advances in Electrical Engineering, Electronics and Energy2772-67112023-09-015100192Game-theoretic peer-to-peer solar energy trading on blockchain-based transaction infrastructureMoein Choobineh0Ali Arabnya1Amin Khodaei2Honghao Zheng3Department of Electrical & Computer Engineering, University of Denver, Denver, CO 80210, USADepartment of Electrical & Computer Engineering, University of Denver, Denver, CO 80210, USA; Corresponding author.Department of Electrical & Computer Engineering, University of Denver, Denver, CO 80210, USACommonwealth Edison, Chicago, IL 60680, USAThe growing share of distributed, renewable resources in energy mix to combat climate change calls for a significant efficiency improvement through market-based solutions such as peer-to-peer (P2P) transactive energy systems. This paradigm shift requires an energy market that supports its functions through well-designed market rules and transaction infrastructure—the two ingredients that form a marketplace. Blockchain technology can facilitate the implementation of both market rules and transaction infrastructure for newly emerging P2P transactive energy markets. In this paper, we propose a model for the design of a transactive energy marketplace using blockchain as transaction infrastructure based on game-theoretic market rules that incentivize a more sustainable energy generation and consumption behavior while preserving the privacy of economic agents in the market. We propose a novel consensus mechanism named Proof-of-Reserve (PoR) to perform consumer-prosumer transactions and block mining activities on a distributed ledger. The model is numerically analyzed on a test system to illustrate its effectiveness. The results demonstrate the effectiveness of game-theoretic modeling in establishing market equilibrium and showcase the efficiency of blockchain technology in facilitating a functional, decentralized transaction settlement process.http://www.sciencedirect.com/science/article/pii/S2772671123000876BlockchainEnergy marketGame theoryP2P tradingTransactive energy |
| spellingShingle | Moein Choobineh Ali Arabnya Amin Khodaei Honghao Zheng Game-theoretic peer-to-peer solar energy trading on blockchain-based transaction infrastructure e-Prime: Advances in Electrical Engineering, Electronics and Energy Blockchain Energy market Game theory P2P trading Transactive energy |
| title | Game-theoretic peer-to-peer solar energy trading on blockchain-based transaction infrastructure |
| title_full | Game-theoretic peer-to-peer solar energy trading on blockchain-based transaction infrastructure |
| title_fullStr | Game-theoretic peer-to-peer solar energy trading on blockchain-based transaction infrastructure |
| title_full_unstemmed | Game-theoretic peer-to-peer solar energy trading on blockchain-based transaction infrastructure |
| title_short | Game-theoretic peer-to-peer solar energy trading on blockchain-based transaction infrastructure |
| title_sort | game theoretic peer to peer solar energy trading on blockchain based transaction infrastructure |
| topic | Blockchain Energy market Game theory P2P trading Transactive energy |
| url | http://www.sciencedirect.com/science/article/pii/S2772671123000876 |
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