blockchain renewable energy
224804948
Application Prospect of Blockchain in Renewable Energy Certificates
Disadvantages like cumbersome verification and data centralization are involved in the application and transaction process of Renewable Energy Certificates in China. We realize that blockchain technology has been successfully applied in many fields with its features of decentralization, immutability, and traceability. As a result, we in this article aim to introduce blockchain into the current Renewable Energy Certificates trading system to solve the above problems. Firstly, this article gives an overview of blockchain technology, including its architecture and technical advantages. Secondly, it describes China's Renewable Energy Certificates transaction process and analyzes the potential challenges faced by it. Finally, it proposes a Renewable Energy Certificates trading system based on blockchain technology and analyzes its operation mode, advantages, and potential problems.
CSAE
Shengnan Zhang Jiaxing Xuan Zitong Lyu Yuchen Fu
227282804
A Blockchain based Renewable Energy Investment Management Platform: Decentralized Sustainable Development (DeSDev)
In this study, a novel blockchain based platform for renewable energy investment is proposed. The blockchain technology has been shown to be a reliable way to send financial transactions across the world in a decentralized manner, at a fraction of the cost and with a faster transaction time. The proposed platform is capable of handling an equity sharing investment program for solar PV projects. The platform distributes the electricity generation income by sending it over a blockchain. The Ethereum blockchain is used to create a prototype, which is a smart contract. The prototype is tested with a solar PV electricity generation data. The result shows that the proposed platform can handle the expected transactions without an error. The overall performance of the proposed platform is tested by comparing its temporal duration and its financial costs with centralized solutions. Therefore, the proposed platform provides all the benefits mentioned at a much cheaper cost.
Warodom Werapun Tanwa Arpornthip Esther Sangiamkul Rattana Wetprasit Tanakorn Karode
229375569
Seal bid renewable energy certification trading in power system using blockchain technology
As the problems of existing fossil fuels are raised, the importance of renewable energy as a substitute energy is getting more emphasized. In order to solve this problem, various attempts have been made to expand the penetration rate of renewable energy based on various monetary support polices under government initiative. Therefore, we analyze the renewable energy certificate, which is a compensation system for renewable energy generation facility, and discuss the rational decision of consumers based on the mathematical perspective. In addition, based on the combination of the second price seal bid auction and the blockchain technology, the overall system was developed so that the transactions between the market participants could be rationalized and the superior it of the performance was verified by comparing with the existing technology.
2020 International Conference on Information and Communication Technology Convergence (ICTC)
Jangkyum Kim Hyunseo Park Gyeong Ho Lee Jun Kyun Choi Young-Hwan Heo
212762288
Blockchain based crowdfinancing mechanisms for renewable energy projects: A business case for consultancy a engineering firms
Recently, there is a growing need to address the investment gap in renewable energy by attracting non institutional investors that have investment preferences better suited for the energy transition. Crowdfinancing is a promising alternative, as it allows for increased innovation, more sustainable development and reduced community risks and is driven by a crowd of small investors that are less profit driven than professional investors. However, current crowdfinancing models are limited by lack of trust, adverse selection, exclusive corporate governance and lack of liquidity. While extant research has identified these limitations and the potential of blockchain technology to solve some of them, there is a need to design the blockchain based crowdfinancing mechanisms required and provide a business case for their implementation. The research objective of this practice oriented design research is to provide a practical plan for the implementation of blockchain based crowdfinancing for renewable energy projects by means of a design and business case for engineering and consultancy firms as the facilitators of the process in the Netherlands, with the purpose to give a boost to the energy transition. A foundation for the research was provided by making an analysis of the evolution and current state of the Dutch energy market organization based on three cornerstones: market roles, production and financing. This analysis showed a high degree of decentralization in terms of market roles and production from renewables that allowed the emergence of community driven energy cooperatives, while a dependence on centralized financial intermediaries is still present; risky and small projects do not have access to bank financing and existing crowdfinancing platforms charge high brokerage fees and provide no secondary markets. A pilot study based on the same cornerstones and consisting of interviews with relevant market parties was performed in order to supplement the analysis of the market for the formulation of design requirements for the crowdfinancing mechanisms. Qualitative desk research was done on existing smart contract applications that could be utilized to overcome the limitations of crowdfinancing and served as the building blocks for the conceptual designs. Qualitative desk research was also performed in order to quantify the costs and address the (legal) implications of implementing the mechanisms proposed. The result was a practical plan consisting of blockchain based crowdfinancing mechanisms that reduce brokerage fees and facilitate the organic establishment of secondary markets by making use of existing public blockchain infrastructure, and a positive business case for consultancy and 10 engineering firms to facilitate the process. Smart contracts govern the crowdfinancing process autonomously for low and high risk projects, where with the latter crowdinvestors are given financial control by locking project funds in trustless escrow contracts, thereby allowing them to cut losses in failing projects and thus addressing the issues of lack of trust and exclusive corporate governance, while mitigating the effects of adverse selection. This practical plan provides a tool to further empower the crowd as the fuel for the energy transition, thereby increasing investments in renewables. However, social exclusion might result at first from the intrinsic complexity of blockchain technology and the degree to which a boost can be given to the transition remains unclear due to a lack of consensus on the effectiveness of crowdfinancing to increase support for the bigger projects. There is further research needed into a risk management based approach for the design of escrow contracts that release funds according to a project planning, while the delegation of control rights to more capable third parties also requires more research. Additionally, the application of decentralized governance beyond financial control requires further examination as well.
Janko Lopez Canizares
228094757
Two Novel Blockchain Based Market Settlement Mechanisms Embedded Into Smart Contracts for Securely Trading Renewable Energy
The progress of ICT technologies, day ahead forecast, home energy management systems, implementation of smart meters, and Distributed Energy Sources (DER) enables new business opportunities for prosumers to locally trade the surplus via blockchain platforms leading to considerable advantages at the community level. The current research handles settlement similar to a centralized market that it is not necessarily the best solution for blockchain. Nonetheless, the settlement is essential as sellers and buyers perceive the attractiveness of the local trading through the market results. In this paper, we propose two novel and efficient settlement mechanisms (Global Balancing Settlement GBS and Splitting Settlement SS) for Peer to Peer (P2P) electricity exchange enhancing the performance of the classic Pairwise Settlement PS. These will be written as stored procedures embedded into the smart contracts along with auctioning procedures. The simulations are performed using a small residential community with 30% of the electricity that can be locally traded to lower the bills and unstress the public grid. The performance of the two proposed settlement methods is proved by the 14 scenarios that thoroughly indicate that GBS and SS provide better results for both sellers and buyers than PS. In the reference scenario, with GBS, sellers have the highest encashments with almost 4% more, whereas buyers encounter the lowest payments with almost 5% less than in case of the classic settlement. Starting from reference scenario, alternative scenarios are envisioned to extend the analyses and assess the performance of the settlement mechanisms. The highest gain is recorded with GBS mechanism: almost 8.8% for sellers and 6.5% for buyers. Another interesting outcome is that GBS is providing better results than SS. When deviations are small, SS provides almost 6% gain for both sellers and buyers, but when they increase, the gain is exceedingly small or none.
IEEE Access
Simona Vasilica Oprea Adela Bara Anca Ioana Andreescu
219327014
A Blockchain based Privacy friendly Renewable Energy Community
SMARTGREENS
Stephan Cejka Franz Zeilinger Argjenta Veseli Marie Holzleitner Mark Stefan
215791778
Modeling of Smart Contracts in Blockchain Solution for Renewable Energy Grid
The paper presents the manner of smart contracts' modeling in blockchain solution. The authors illustrate the modeling approach using the example of a renewable energy system. The paper proposes extension of Unified Modeling Language (UML) in form of UML Profile for Smart Contracts, appropriate for smart contract design. Moreover, the standard smart contract design and implementation method, in Corda environment, has been made more flexible. The authors present static aspect of newly designed Smart Contract Design Pattern.
EUROCAST
Tomasz Gorski Jakub Bednarski
208630511
Blockchain application in renewable energy microgrids: an overview of existing technology towards creating climate resilient and energy independent communities
Citizens and stakeholders are increasingly associating in so called renewable energy communities and are participating in the energy transition by investing in, producing, selling and distributing renewable energy. Such communities usually use photovoltaic systems on the rooftops of public and private buildings that are connected to a microgrid. Those energy system models represent an electrical network that is decentralized in which energy consumers also become producers (prosumers) and management of the grid is done by users. Optimization and trading of surplus energy produced in microgrids could be done via blockchain technology. On one hand, those innovations could offer a solution for adaptation and mitigation of climate change, and on the other hand include economic development, creation of new jobs, cheaper energy, and energy security. The present paper gives an overview of existing technology and its usage on cases in the world but is focusing on implementation in the EU and Croatian markets.
2019 16th International Conference on the European Energy Market (EEM)
Erica Svetec Lucija Nad Robert Pasicko Boris Pavlin
203655995
A Secure and Efficient Renewable Energy Trading Scheme Based on Blockchain in Smart Grid
Nowadays, with the diversification and decentralization of energy systems, the energy Internet makes it possible to interconnect distributed energy sources and consumers. In the energy trading market, the traditional centralized model relies entirely on trusted third parties. However, as the number of entities involved in the transactions grows and the forms of transactions diversify, the centralized model gradually exposes problems such as insufficient scalability, High energy consumption, and low processing efficiency. To address these challenges, we propose a secure and efficient energy renewable trading scheme based on blockchain. In our scheme, the electricity market trading model is divided into two levels, which can not only protect the privacy, but also achieve a green computing. In addition, in order to adapt to the relatively weak computing power of the underlying equipment in smart grid, we design a credibility based equity proof mechanism to greatly improve the system availability. Compared with other similar distributed energy trading schemes, we prove the advantages of our scheme in terms of high operational efficiency and low computational overhead through experimental evaluations. Additionally, we conduct a detailed security analysis to demonstrate that our solution meets the security requirements.
2019 IEEE 21st International Conference on High Performance Computing and Communications; IEEE 17th International Conference on Smart City; IEEE 5th International Conference on Data Science and Systems (HPCC/SmartCity/DSS)
Xin Lu Zhitao Guan Xiao Zhou Xiaojiang Du Longfei Wu Mohsen Guizani
198967738
Design and Field Implementation of Blockchain Based Renewable Energy Trading in Residential Communities
This paper proposes a peer to peer (P2P) blockchain based energy trading market platform for residential communities with the objective of reducing overall community peak demand and household electricity bills. Smart homes within the community place energy bids for its available distributed energy resources (DERs) for each discrete trading period during a day, and a double auction mechanism is used to clear the market and compute the market clearing price (MCP) The marketplace is implemented on a permissioned blockchain infrastructure, where bids are stored to the immutable ledger and smart contracts are used to implement the MCP calculation and award service contracts to all winning bids. Utilizing the blockchain obviates the need for a trusted, centralized auctioneer, and eliminates vulnerability to a single point of failure. Simulation results show that the platform enables a community peak demand reduction of 46% as well as a weekly savings of 6% The platform is also tested at a real world Canadian microgrid using the Hyperledger Fabric blockchain framework, to show the end to end connectivity of smart home DERs to the platform.
2019 2nd International Conference on Smart Grid and Renewable Energy (SGRE)
Shivam Saxena Hany Essa Zidan Farag Aidan Brookson Hjalmar K Turesson Henry M Kim