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BPET: A Unified Blockchain-Based Framework for Peer-to-Peer Energy Trading

Author

Listed:
  • Caixiang Fan

    (Department of Electrical and Computer Engineering, University of Alberta, Edmonton, AB T6G 2R3, Canada)

  • Hamzeh Khazaei

    (Department of Electrical Engineering and Computer Science, York University, Toronto, ON M3J 1P3, Canada)

  • Petr Musilek

    (Department of Electrical and Computer Engineering, University of Alberta, Edmonton, AB T6G 2R3, Canada)

Abstract

Recent years have witnessed a significant dispersion of renewable energy and the emergence of blockchain-enabled transactive energy systems. These systems facilitate direct energy trading among participants, cutting transmission losses, improving energy efficiency, and fostering renewable energy adoption. However, developing such a system is usually challenging and time-consuming due to the diversity of energy markets. The lack of a market-agnostic design hampers the widespread adoption of blockchain-based peer-to-peer energy trading globally. In this paper, we propose and develop a novel unified blockchain-based peer-to-peer energy trading framework, called BPET. This framework incorporates microservices and blockchain as the infrastructures and adopts a highly modular smart contract design so that developers can easily extend it by plugging in localized energy market rules and rapidly developing a customized blockchain-based peer-to-peer energy trading system. Additionally, we have developed the price formation mechanisms, e.g., the system marginal price calculation algorithm and the pool price calculation algorithm, to demonstrate the extensibility of the BPET framework. To validate the proposed solution, we have conducted a comprehensive case study using real trading data from the Alberta Electric System Operator. The experimental results confirm the system’s capability of processing energy trading transactions efficiently and effectively within the Alberta electricity wholesale market.

Suggested Citation

  • Caixiang Fan & Hamzeh Khazaei & Petr Musilek, 2024. "BPET: A Unified Blockchain-Based Framework for Peer-to-Peer Energy Trading," Future Internet, MDPI, vol. 16(5), pages 1-19, May.
    • Handle: RePEc:gam:jftint:v:16:y:2024:i:5:p:162-:d:1389545
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    References listed on IDEAS

    as
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    2. Soto, Esteban A. & Bosman, Lisa B. & Wollega, Ebisa & Leon-Salas, Walter D., 2021. "Peer-to-peer energy trading: A review of the literature," Applied Energy, Elsevier, vol. 283(C).
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    4. Zhang, Chenghua & Wu, Jianzhong & Zhou, Yue & Cheng, Meng & Long, Chao, 2018. "Peer-to-Peer energy trading in a Microgrid," Applied Energy, Elsevier, vol. 220(C), pages 1-12.
    5. Yang, Jiawei & Paudel, Amrit & Gooi, Hoay Beng & Nguyen, Hung Dinh, 2021. "A Proof-of-Stake public blockchain based pricing scheme for peer-to-peer energy trading," Applied Energy, Elsevier, vol. 298(C).
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