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Contribution to the operation of deregulated electricity markets under high penetration of energy storage and renewable energy sources

Symiakakis Matthaios

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Summary

In this study, we delve into the modelling of electricity market end-users and the design and implementation of a hierarchical blockchain-powered electricity market for peer-to-peer trading. This work harnesses the potential of decentralized energy trading by creating a structured framework where end-users can participate actively in electricity trading across multiple market levels. The entire process was anchored in a three-tiered market structure: the Community level, the District level, and the overarching Smart Grid level. To achieve this, we first modelled residential prosumers, renewable energy sources, Electric Vehicle aggregators, and medium to large consumers and producers that would participate in a peer-to-peer market to identify their characteristics and behaviours before generating their value-price pairs for market participation. With that knowledge we then designed and implemented a hierarchical blockchain-powered electricity market framework to facilitate p2p energy trading between end-users. The proposed market was built using the Hyperledger Fabric framework featuring a multi blockchain design with a sophisticated per-hierarchical-level smart contracts implementation. The design and implementation of the proposed market scheme focused on scalability, and privacy by implementing aggregation of orders at each market level. Our framework was then put to the test in a comprehensive case study that consisted of 50 simulations, and showcased a scenario of 1056 prosumers of various sizes. The results highlighted the system’s proficiency in facilitating trading across multiple market tiers. By leveraging aggregated pricing, the system was able to achieve a commendable clearance of quantities for all participating prosumers. A performance analysis was also conducted to gauge the system’s operational capabilities. The results from this examination were quite promising, with our implementation showcasing exceptional throughput rates and impressive latency numbers, especially when compared to similar Hyperledger Fabric architectures. These findings, combined with the positive outcomes of our case study, underline the potential of our design for real-world adoption.

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