Towards Blockchain-Based Energy Trading: A Smart Contract Implementation of Energy Double Auction and Spinning Reserve Trading

Uyikumhe Damisa, Nnamdi I. Nwulu and Pierluigi Siano
Additional contact information
Uyikumhe Damisa: Center for Cyber Physical Food, Energy and Water Systems (CCP-FEWS), University of Johannesburg, Johannesburg 2092, South Africa
Nnamdi I. Nwulu: Center for Cyber Physical Food, Energy and Water Systems (CCP-FEWS), University of Johannesburg, Johannesburg 2092, South Africa
Pierluigi Siano: Department of Electrical and Electronic Engineering Science, University of Johannesburg, Johannesburg 2006, South Africa

Energies, 2022, vol. 15, issue 11, 1-16

Abstract: The decentralization of power generation driven by the rise in the adoption of distributed energy resources paves the way for a new paradigm in grid operations. P2P energy trading is beneficial to the grid as well as the connected peers. A blockchain-based smart contract is well suited to transparently facilitate trades between energy consumers and producers without the services of intermediaries. In this paper, Ethereum-based smart contracts that facilitate double energy auction and spinning reserve trading are developed with Solidity, compiled, and deployed within the Remix IDE. Willing energy sellers/buyers submit offers/bids to a contract that implements the double auction procedure. In order to fulfil energy supply obligations, sellers are also able to purchase spinning reserves via another smart contract. The smart contracts’ effectiveness in performing the auction procedure and making payments is confirmed using an energy/reserve market scenario. The proposed scheme encourages further adoption of distributed energy resources and participation in local P2P energy trading.

Keywords: blockchain; double auction; P2P energy trading; spinning reserve; smart contract (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.mdpi.com/1996-1073/15/11/4084/pdf (application/pdf)
https://www.mdpi.com/1996-1073/15/11/4084/ (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:jeners:v:15:y:2022:i:11:p:4084-:d:829994

Access Statistics for this article

Energies is currently edited by Ms. Agatha Cao

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