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

Caixiang Fan, Hamzeh Khazaei and Petr Musilek ()
Additional contact information
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

Future Internet, 2024, vol. 16, issue 5, 1-19

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.

Keywords: blockchain; distributed energy resources; smart energy systems; peer-to-peer energy trading; energy market (search for similar items in EconPapers)
JEL-codes: O3 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/1999-5903/16/5/162/pdf (application/pdf)
https://www.mdpi.com/1999-5903/16/5/162/ (text/html)

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:gam:jftint:v:16:y:2024:i:5:p:162-:d:1389545

Access Statistics for this article

Future Internet is currently edited by Ms. Grace You

More articles in Future Internet from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().