Peer-to-peer multi-period energy market with flexible scheduling on a scalable and cost-effective blockchain

Detalhes bibliográficos
Autor(a) principal: Huang, Chung-Ting
Data de Publicação: 2024
Outros Autores: Scott, Ian J.
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
Texto Completo: http://hdl.handle.net/10362/167405
Resumo: Huang, C-T., & Scott, I. J. (2024). Peer-to-peer multi-period energy market with flexible scheduling on a scalable and cost-effective blockchain. Applied Energy, 367, 1-13. Article 123331. https://doi.org/10.1016/j.apenergy.2024.123331--- This work was supported by national funds through FCT (Fundação para a Ciência e a Tecnologia), under the project - UIDB/04152/2020 - Centro de Investigação em Gestão de Informação (MagIC)/NOVA IMS. The second author is also thankful for the funding received from the European Union's Horizon 2020 research and innovation program for the project Communitas under grant agreement No. 101096508 and for funding from Next Generation EU through the Plano de Recuperação e Resiliência (PRR) under the project BLOCKCHAIN.PT (RE-C05-i01.01 – 02/C05-i01.01/2022.PC644918095-00000033- Agendas/Alianças Mobilizadoras para a Reindustrialização, Plano de Recuperação e Resiliência de Portugal na sua componente 5 – Capitalização e Inovação Empresarial e com o Regulamento do Sistema de Incentivos “Agendas para a Inovação Empresarial”, aprovado pela Portaria N.° 43-A/2022 de 19 de janeiro de 2022).
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spelling Peer-to-peer multi-period energy market with flexible scheduling on a scalable and cost-effective blockchainBlockchainPolkadotPeer-to-peerEnergy marketMulti-period marketOff-chaincomputationBuilding and ConstructionRenewable Energy, Sustainability and the EnvironmentMechanical EngineeringEnergy(all)Management, Monitoring, Policy and LawSDG 7 - Affordable and Clean EnergySDG 9 - Industry, Innovation, and InfrastructureSDG 11 - Sustainable Cities and CommunitiesHuang, C-T., & Scott, I. J. (2024). Peer-to-peer multi-period energy market with flexible scheduling on a scalable and cost-effective blockchain. Applied Energy, 367, 1-13. Article 123331. https://doi.org/10.1016/j.apenergy.2024.123331--- This work was supported by national funds through FCT (Fundação para a Ciência e a Tecnologia), under the project - UIDB/04152/2020 - Centro de Investigação em Gestão de Informação (MagIC)/NOVA IMS. The second author is also thankful for the funding received from the European Union's Horizon 2020 research and innovation program for the project Communitas under grant agreement No. 101096508 and for funding from Next Generation EU through the Plano de Recuperação e Resiliência (PRR) under the project BLOCKCHAIN.PT (RE-C05-i01.01 – 02/C05-i01.01/2022.PC644918095-00000033- Agendas/Alianças Mobilizadoras para a Reindustrialização, Plano de Recuperação e Resiliência de Portugal na sua componente 5 – Capitalização e Inovação Empresarial e com o Regulamento do Sistema de Incentivos “Agendas para a Inovação Empresarial”, aprovado pela Portaria N.° 43-A/2022 de 19 de janeiro de 2022).Peer-to-Peer (P2P) electricity trading is an emerging means for allowing communities to share local energy production and demand response through direct trading. It is projected to play an important role in the future energy market by increasing the incentive to own and operate distributed energy resources (DERs) and participate in demand response (DR). A common approach to implementing P2P trading is with blockchain, however, existing solutions feature limitations. Typically, concerns involve either scalability and high transaction costs or projects implementing a permissioned blockchain that does not provide the trust and decentralization desired. In addition, the majority of market designs are simplified and do not capture the distinct complexity of electricity markets. They do not consider the inter-temporal constraints of appliances and DERs that need to run for multiple periods. Complex market designs that address these issues have not been implemented in blockchain based systems due to the computational limitations of such systems. To improve these two aspects, this paper proposes a market formulation that supports products running multiple periods with flexible scheduling, modeled as a mixed integer linear programming problem that optimizes social welfare. The trading platform is then implemented as a side chain of Polkadot, a network of blockchains designed to be secure, scalable, and economically feasible to foster an ecosystem of application-specific sidechains. This design is demonstrated to improve social welfare and achieve scalability by benchmarking the number of transactions that can be included per second, based upon typical assumptions of the market size. The result is a decentralized and performant system that allows for complex market designs to be implemented in a blockchain environment. This approach simplifies the process for participants, allowing them to bid DER or DR devices, directly and easily, even when this requires constraints across periods.NOVA Information Management School (NOVA IMS)Information Management Research Center (MagIC) - NOVA Information Management SchoolRUNHuang, Chung-TingScott, Ian J.2024-05-15T01:30:13Z2024-08-012024-08-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/article13application/pdfhttp://hdl.handle.net/10362/167405eng0306-2619PURE: 89922814https://doi.org/10.1016/j.apenergy.2024.123331info:eu-repo/semantics/openAccessreponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiainstacron:RCAAP2024-08-05T01:33:52Zoai:run.unl.pt:10362/167405Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireinfo@rcaap.ptopendoar:https://opendoar.ac.uk/repository/71602025-05-28T17:52:02.053006Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiafalse
dc.title.none.fl_str_mv Peer-to-peer multi-period energy market with flexible scheduling on a scalable and cost-effective blockchain
title Peer-to-peer multi-period energy market with flexible scheduling on a scalable and cost-effective blockchain
spellingShingle Peer-to-peer multi-period energy market with flexible scheduling on a scalable and cost-effective blockchain
Huang, Chung-Ting
Blockchain
Polkadot
Peer-to-peer
Energy market
Multi-period market
Off-chain
computation
Building and Construction
Renewable Energy, Sustainability and the Environment
Mechanical Engineering
Energy(all)
Management, Monitoring, Policy and Law
SDG 7 - Affordable and Clean Energy
SDG 9 - Industry, Innovation, and Infrastructure
SDG 11 - Sustainable Cities and Communities
title_short Peer-to-peer multi-period energy market with flexible scheduling on a scalable and cost-effective blockchain
title_full Peer-to-peer multi-period energy market with flexible scheduling on a scalable and cost-effective blockchain
title_fullStr Peer-to-peer multi-period energy market with flexible scheduling on a scalable and cost-effective blockchain
title_full_unstemmed Peer-to-peer multi-period energy market with flexible scheduling on a scalable and cost-effective blockchain
title_sort Peer-to-peer multi-period energy market with flexible scheduling on a scalable and cost-effective blockchain
author Huang, Chung-Ting
author_facet Huang, Chung-Ting
Scott, Ian J.
author_role author
author2 Scott, Ian J.
author2_role author
dc.contributor.none.fl_str_mv NOVA Information Management School (NOVA IMS)
Information Management Research Center (MagIC) - NOVA Information Management School
RUN
dc.contributor.author.fl_str_mv Huang, Chung-Ting
Scott, Ian J.
dc.subject.por.fl_str_mv Blockchain
Polkadot
Peer-to-peer
Energy market
Multi-period market
Off-chain
computation
Building and Construction
Renewable Energy, Sustainability and the Environment
Mechanical Engineering
Energy(all)
Management, Monitoring, Policy and Law
SDG 7 - Affordable and Clean Energy
SDG 9 - Industry, Innovation, and Infrastructure
SDG 11 - Sustainable Cities and Communities
topic Blockchain
Polkadot
Peer-to-peer
Energy market
Multi-period market
Off-chain
computation
Building and Construction
Renewable Energy, Sustainability and the Environment
Mechanical Engineering
Energy(all)
Management, Monitoring, Policy and Law
SDG 7 - Affordable and Clean Energy
SDG 9 - Industry, Innovation, and Infrastructure
SDG 11 - Sustainable Cities and Communities
description Huang, C-T., & Scott, I. J. (2024). Peer-to-peer multi-period energy market with flexible scheduling on a scalable and cost-effective blockchain. Applied Energy, 367, 1-13. Article 123331. https://doi.org/10.1016/j.apenergy.2024.123331--- This work was supported by national funds through FCT (Fundação para a Ciência e a Tecnologia), under the project - UIDB/04152/2020 - Centro de Investigação em Gestão de Informação (MagIC)/NOVA IMS. The second author is also thankful for the funding received from the European Union's Horizon 2020 research and innovation program for the project Communitas under grant agreement No. 101096508 and for funding from Next Generation EU through the Plano de Recuperação e Resiliência (PRR) under the project BLOCKCHAIN.PT (RE-C05-i01.01 – 02/C05-i01.01/2022.PC644918095-00000033- Agendas/Alianças Mobilizadoras para a Reindustrialização, Plano de Recuperação e Resiliência de Portugal na sua componente 5 – Capitalização e Inovação Empresarial e com o Regulamento do Sistema de Incentivos “Agendas para a Inovação Empresarial”, aprovado pela Portaria N.° 43-A/2022 de 19 de janeiro de 2022).
publishDate 2024
dc.date.none.fl_str_mv 2024-05-15T01:30:13Z
2024-08-01
2024-08-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/167405
url http://hdl.handle.net/10362/167405
dc.language.iso.fl_str_mv eng
language eng
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PURE: 89922814
https://doi.org/10.1016/j.apenergy.2024.123331
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