Double Auction Mechanism Based Energy Trading in Blockchain Enabled Smart Microgrid

Abstract

The integration of renewable energy sources and technological advancements in the electricity grid has revolutionized the energy sector, paving way for the smart grid. Within this smart grid framework, prosumers possessing surplus energy aim to sell their surplus energy to consumers. However, conventional centralized energy trading methods used in smart grid for energy exchange poses challenges. To overcome these challenges, a decentralized system based on blockchain technology is employed for energy trading. This paper discusses the double auction mechanism-based energy trading which is facilitated by blockchain platform. It reviews existing research that uses double auction mechanism, based on blockchain for energy trading. Also, a case study is conducted in this paper on a smart microgrid, comprising two prosumers and one consumer, all connected with the main grid. Within this smart microgrid, energy trading takes place among prosumer and consumer, involving residential load. For the implementation of energy trading, a uniform price double auction mechanism, facilitated by blockchain is utilized. The blockchain platform chosen for this implementation is based on Ganache Platform. The results show that engaging blockchain technology in local energy trading leads to considerable cost savings for prosumers and consumers. These findings are presented in the paper, highlighting the advantages of the proposed approach.

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Identifiers

DOI

10.1109/ICEPES60647.2024.10653606

Journal

2024 IEEE 3rd International Conference on Electrical Power and Energy Systems (ICEPES)

Year

2024