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Towards Blockchain-Based Energy Trading: A Smart Contract Implementation of Energy Double Auction and Spinning Reserve Trading

Author

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  • Uyikumhe Damisa

    (Center for Cyber Physical Food, Energy and Water Systems (CCP-FEWS), University of Johannesburg, Johannesburg 2092, South Africa
    Department of Electrical and Electronic Engineering Science, University of Johannesburg, Johannesburg 2006, South Africa)

  • Nnamdi I. Nwulu

    (Center for Cyber Physical Food, Energy and Water Systems (CCP-FEWS), University of Johannesburg, Johannesburg 2092, South Africa
    Department of Electrical and Electronic Engineering Science, University of Johannesburg, Johannesburg 2006, South Africa)

  • Pierluigi Siano

    (Department of Electrical and Electronic Engineering Science, University of Johannesburg, Johannesburg 2006, South Africa
    Department of Management and Innovation Systems, University of Salerno, 84084 Fisciano, Italy)

Abstract

The decentralization of power generation driven by the rise in the adoption of distributed energy resources paves the way for a new paradigm in grid operations. P2P energy trading is beneficial to the grid as well as the connected peers. A blockchain-based smart contract is well suited to transparently facilitate trades between energy consumers and producers without the services of intermediaries. In this paper, Ethereum-based smart contracts that facilitate double energy auction and spinning reserve trading are developed with Solidity, compiled, and deployed within the Remix IDE. Willing energy sellers/buyers submit offers/bids to a contract that implements the double auction procedure. In order to fulfil energy supply obligations, sellers are also able to purchase spinning reserves via another smart contract. The smart contracts’ effectiveness in performing the auction procedure and making payments is confirmed using an energy/reserve market scenario. The proposed scheme encourages further adoption of distributed energy resources and participation in local P2P energy trading.

Suggested Citation

  • Uyikumhe Damisa & Nnamdi I. Nwulu & Pierluigi Siano, 2022. "Towards Blockchain-Based Energy Trading: A Smart Contract Implementation of Energy Double Auction and Spinning Reserve Trading," Energies, MDPI, vol. 15(11), pages 1-16, June.
    • Handle: RePEc:gam:jeners:v:15:y:2022:i:11:p:4084-:d:829994
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    References listed on IDEAS

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    Cited by:

    1. Tianfeng Chu & Xingchen An & Wuyang Zhang & Yan Lu & Jiaqi Tian, 2023. "Multiple Virtual Power Plants Transaction Matching Strategy Based on Alliance Blockchain," Sustainability, MDPI, vol. 15(8), pages 1-16, April.

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