Transforming Energy Networks via Peer to Peer Energy Trading: Potential of Game Theoretic Approaches

Peer-to-peer (P2P) energy trading has emerged as a next-generation energy management mechanism for the smart grid that enables each prosumer of the network to participate in energy trading with one another and the grid. This poses a significant challenge in terms of modeling the decision-making process of each participant with conflicting interest and motivating prosumers to participate in energy trading and to cooperate, if necessary, for achieving different energy management goals. Therefore, such decision-making process needs to be built on solid mathematical and signal processing tools that can ensure an efficient operation of the smart grid. This paper provides an overview of the use of game theoretic approaches for P2P energy trading as a feasible and effective means of energy management. As such, we discuss various games and auction theoretic approaches by following a systematic classification to provide information on the importance of game theory for smart energy research. Then, the paper focuses on the P2P energy trading describing its key features and giving an introduction to an existing P2P testbed. Further, the paper zooms into the detail of some specific game and auction theoretic models that have recently been used in P2P energy trading and discusses some important finding of these schemes.Comment: 38 pages, single column, double spac

Smart Microgrids: Overview and Outlook

The idea of changing our energy system from a hierarchical design into a set of nearly independent microgrids becomes feasible with the availability of small renewable energy generators. The smart microgrid concept comes with several challenges in research and engineering targeting load balancing, pricing, consumer integration and home automation. In this paper we first provide an overview on these challenges and present approaches that target the problems identified. While there exist promising algorithms for the particular field, we see a missing integration which specifically targets smart microgrids. Therefore, we propose an architecture that integrates the presented approaches and defines interfaces between the identified components such as generators, storage, smart and \dq{dumb} devices.Comment: presented at the GI Informatik 2012, Braunschweig Germany, Smart Grid Worksho

An Efficient and Secure Energy Trading Approach with Machine Learning Technique and Consortium Blockchain

In this paper, a secure energy trading mechanism based on blockchain technology is proposed. The proposed model deals with energy trading problems such as insecure energy trading and inefficient charging mechanisms for electric vehicles (EVs) in a vehicular energy network (VEN). EVs face two major problems: finding an optimal charging station and calculating the exact amount of energy required to reach the selected charging station. Moreover, in traditional trading approaches, centralized parties are involved in energy trading, which leads to various issues such as increased computational cost, increased computational delay, data tempering and a single point of failure. Furthermore, EVs face various energy challenges, such as imbalanced load supply and fluctuations in voltage level. Therefore, a demand-response (DR) pricing strategy enables EV users to flatten load curves and efficiently adjust electricity usage. In this work, communication between EVs and aggregators is efficiently performed through blockchain. Moreover, a branching concept is involved in the proposed system, which divides EV data into two different branches: a Fraud Chain (F-chain) and an Integrity Chain (I-chain). The proposed branching mechanism helps solve the storage problem and reduces computational time. Moreover, an attacker model is designed to check the robustness of the proposed system against double-spending and replay attacks. Security analysis of the proposed smart contract is also given in this paper. Simulation results show that the proposed work efficiently reduces the charging cost and time in a VEN.publishedVersio

When energy trading meets blockchain in electrical power system: The state of the art

With the rapid growth of renewable energy resources, energy trading has been shifting from the centralized manner to distributed manner. Blockchain, as a distributed public ledger technology, has been widely adopted in the design of new energy trading schemes. However, there are many challenging issues in blockchain-based energy trading, e.g., low efficiency, high transaction cost, and security and privacy issues. To tackle these challenges, many solutions have been proposed. In this survey, the blockchain-based energy trading in the electrical power system is thoroughly investigated. Firstly, the challenges in blockchain-based energy trading are identified and summarized. Then, the existing energy trading schemes are studied and classified into three categories based on their main focuses: energy transaction, consensus mechanism, and system optimization. Blockchain-based energy trading has been a popular research topic, new blockchain architectures, models and products are continually emerging to overcome the limitations of existing solutions, forming a virtuous circle. The internal combination of different blockchain types and the combination of blockchain with other technologies improve the blockchain-based energy trading system to better satisfy the practical requirements of modern power systems. However, there are still some problems to be solved, for example, the lack of regulatory system, environmental challenges and so on. In the future, we will strive for a better optimized structure and establish a comprehensive security assessment model for blockchain-based energy trading system.This research was funded by Beijing Natural Science Foundation (grant number 4182060).Scopu