Conceptual framework for blockchain-based peer-to-peer energy trading in a community microgrid

• Main Author: Tan, Ter Ren
• Other Authors: Gooi Hoay Beng
• Format: Final Year Project
• Language: English
• Published: Nanyang Technological University 2021
• Subjects: Engineering::Electrical and electronic engineering::Electric power
• Online Access: https://hdl.handle.net/10356/148955
• Institution: Nanyang Technological University

This final year project makes use of the benefit of the blockchain Peer-to-Peer (P2P) trading system where it is decentralized and secure. Prevailing energy crisis and increasing carbon emission are the two major concerns for the present world. Peer-to Peer (P2P) energy sharing is believed to be an efficient solution as it reduces the energy bills of a community by 30%. It also improves the annual self-consumption by 10-30%, and self-sufficiency by around 20% [1]. A P2P trading platform offers the prosumers to trade within the community and with the distribution network. The P2P energy sharing enables prosumers to trade excess energy from their distributed energy resources (DERs) with one another in a community micro-grid and therefore requires a trading platform for its execution. The aim of this project is to develop a blockchain-based platform which is fully decentralized and enables the market members to communicate with each other and trade energy without the need of any third party. Smart contracts are a vital component in the blockchain-based energy trading market. They hold all the required rules for energy trading. Blockchain technologies facilitate the negotiation of smart contracts between buyers and sellers of electricity. It guarantees the immutability and transparency of energy transactions. The project objective is to develop the blockchain-based energy trading framework using smart contracts to ensure secure energy trading which would run automatically without the third-party intervention in a micro-grid