Adaptive bidding strategy for real-time energy management in multi-energy market enhanced by blockchain

Longze Wang, Jinxin Liu, Rongfang Yuan, Jing Wu, Delong Zhang, Yan Zhang and Meicheng Li

Applied Energy, 2020, vol. 279, issue C, No S0306261920313398

Abstract: Energy trading in the multi-energy market is affected by many uncertainties, especially the fluctuation of renewable energy sources and intermittent demand behavior of customers. The real-time energy management can effectively solve the impact of various uncertainties, ensure the instantaneous balance of energy and improve trading returns. A bidding strategy for multi-energy market is presented, in which reserve price adjustment and dynamic compensation mechanism is innovatively integrated into adaptive learning process. All energy trading participants conduct adaptive learning bidding adjustment based on real-time information in order to obtain higher transaction rate and transaction income. Meanwhile, adding dynamic compensation to the quoted price of fossil energy increases the consumption rate of renewable energy and reduces the emissions of pollutants. Furthermore, blockchain technology can ensure the seamless and effective performance of the presented bidding strategy. In the case study, the results show that our bidding strategy has an obvious advantage in social welfare and allocation efficiency than existing bidding strategies. Moreover, the problem of environmental pollution can be solved to a certain extent through flexible dynamic compensation. Finally, a decentralized application of blockchain is developed to demonstrate how the system could realize real-time energy management and dynamic trading in practice.

Keywords: Bidding strategy; Multi-energy market; Real-time energy management; Blockchain; Adaptive learning; Dynamic compensation (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0306261920313398
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:appene:v:279:y:2020:i:c:s0306261920313398

Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/journaldescription.cws_home/405891/bibliographic
http://www.elsevier. ... 405891/bibliographic

DOI: 10.1016/j.apenergy.2020.115866

Access Statistics for this article

Applied Energy is currently edited by J. Yan

More articles in Applied Energy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().