Combined kiloWatt And negaWatt Trading with Blockchain

Generation of renewable energy by participants in the electricity market is used for self-consumption and for local trade. Energy savings can be turned into negative watts-negawatts- and can be traded with peers as the right to purchase electricity. Combining both kilowatt and negawatt trading would...

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Bibliographic Details
Published in2023 Innovations in Power and Advanced Computing Technologies (i-PACT) pp. 1 - 5
Main Authors P, Maya, Salam, P. Abdul
Format Conference Proceeding
LanguageEnglish
Published IEEE 08.12.2023
Subjects
Blockchain
Blockchains
Negawatt
Peer-to-peer computing
Peer-to-Peer Energy trading
Renewable energy sources
Security
Smart contracts
Technological innovation
Tokenization
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Summary:Generation of renewable energy by participants in the electricity market is used for self-consumption and for local trade. Energy savings can be turned into negative watts-negawatts- and can be traded with peers as the right to purchase electricity. Combining both kilowatt and negawatt trading would enhance the local energy market by providing peers with better access to energy and economic benefits. Trust in the market could be managed effectively with the help of blockchain technology. Market transactions are recorded into immutable, transparent, and distributed ledgers, with added security provided by tokenization. In this work, a combined kiloWatt and negawatts trading is attempted in a local market with solar electricity generation, enabled by smart contract deployed on public blockchain. Smart contracts are written in Solidity language and deployed on Sepolia test network for Ethereum public blockchain.
DOI:10.1109/i-PACT58649.2023.10434331