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A Distributed Ledger-Based Automated Marketplace for the Decentralized Trading of Renewable Energy in Smart Grids

Author

Listed:
  • Dušan B. Gajić

    (Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia)

  • Veljko B. Petrović

    (Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia)

  • Nebojša Horvat

    (Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia)

  • Dinu Dragan

    (Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia)

  • Aleksandar Stanisavljević

    (Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia)

  • Vladimir Katić

    (Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia)

  • Jelena Popović

    (Faculty of Electrical Engineering, Mathematics and Computer Science, University of Twente, 7522 NH Enschede, The Netherlands)

Abstract

We present a prototype of a decentralized power trading system based on the use of distributed ledger technology. This sort of efficient, decentralized marketplace is needed to empower prosumers and make them first-class members of a smart, decentralized power grid in order to drive further renewable energy adoption. Unlike the bulk of previous work in this field, we focus on private permissioned distributed ledgers rather than conventional blockchains. The proposed solution is entirely independent of cryptocurrency, with an explicit design capability of being adapted piecemeal without any fundamental changes to the present regulatory environment. To be economical, efficient, and scalable, our prototype is based on a lean, Corda-based private permissioned distributed ledger. It allows for instant, automatic bidding on and trading of ‘power promises’ and the robust implementation of short-term, small-scale liquid electrical power futures. We demonstrate that the prototype performs well and presents several clear advantages over existing solutions based on conventional blockchains. Therefore, the proposed approach represents a promising, robust solution to the smart grid decentralized power trading problem.

Suggested Citation

  • Dušan B. Gajić & Veljko B. Petrović & Nebojša Horvat & Dinu Dragan & Aleksandar Stanisavljević & Vladimir Katić & Jelena Popović, 2022. "A Distributed Ledger-Based Automated Marketplace for the Decentralized Trading of Renewable Energy in Smart Grids," Energies, MDPI, vol. 15(6), pages 1-26, March.
    • Handle: RePEc:gam:jeners:v:15:y:2022:i:6:p:2121-:d:770849
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    References listed on IDEAS

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    1. Mengelkamp, Esther & Gärttner, Johannes & Rock, Kerstin & Kessler, Scott & Orsini, Lawrence & Weinhardt, Christof, 2018. "Designing microgrid energy markets," Applied Energy, Elsevier, vol. 210(C), pages 870-880.
    2. Andoni, Merlinda & Robu, Valentin & Flynn, David & Abram, Simone & Geach, Dale & Jenkins, David & McCallum, Peter & Peacock, Andrew, 2019. "Blockchain technology in the energy sector: A systematic review of challenges and opportunities," Renewable and Sustainable Energy Reviews, Elsevier, vol. 100(C), pages 143-174.
    3. Evangelos K. Markakis & Yannis Nikoloudakis & Kalliopi Lapidaki & Konstantinos Fiorentzis & Emmanuel Karapidakis, 2021. "Unification of Edge Energy Grids for Empowering Small Energy Producers," Sustainability, MDPI, vol. 13(15), pages 1-9, July.
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    Cited by:

    1. Quy Nguyen Minh & Van-Hau Nguyen & Vu Khanh Quy & Le Anh Ngoc & Abdellah Chehri & Gwanggil Jeon, 2022. "Edge Computing for IoT-Enabled Smart Grid: The Future of Energy," Energies, MDPI, vol. 15(17), pages 1-16, August.
    2. Yaçine Merrad & Mohamed Hadi Habaebi & Siti Fauziah Toha & Md. Rafiqul Islam & Teddy Surya Gunawan & Mokhtaria Mesri, 2022. "Fully Decentralized, Cost-Effective Energy Demand Response Management System with a Smart Contracts-Based Optimal Power Flow Solution for Smart Grids," Energies, MDPI, vol. 15(12), pages 1-27, June.

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