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SynergyGrids: blockchain-supported distributed microgrid energy trading
Peer-to-Peer Networking and Applications
  • Moayad Aloqaily, Qatar University
  • Ouns Bouachir, Zayed University
  • Öznur Özkasap, Koç Üniversitesi
  • Faizan Safdar Ali, Koç Üniversitesi
Document Type
Article
Publication Date
1-1-2021
Abstract

Growing intelligent cities is witnessing an increasing amount of local energy generation through renewable energy resources. Energy trade among the local energy generators (aka prosumers) and consumers can reduce the energy consumption cost and also reduce the dependency on conventional energy resources, not to mention the environmental, economic, and societal benefits. However, these local energy sources might not be enough to fulfill energy consumption demands. A hybrid approach, where consumers can buy energy from both prosumers (that generate energy) and also from prosumer of other locations, is essential. A centralized system can be used to manage this energy trading that faces several security issues and increase centralized development cost. In this paper, a hybrid energy trading system coupled with a smart contract named SynergyGrids has been proposed as a solution, that reduces the average cost of energy and load over the utility grids. To the best of our knowledge, this work is the first attempt to create a hybrid energy trading platform over the smart contract for energy demand prediction. An hourly energy data set has been utilized for testing and validation purposes. The trading system shows 17.8% decrease in energy cost for consumers and 76.4% decrease in load over utility grids when compared with its counterparts.

Publisher
Springer Science and Business Media LLC
Disciplines
Keywords
  • Blockchain,
  • Distributed energy trading,
  • Energy as a service,
  • Microgrids,
  • Smart contracts
Scopus ID
85117355675
Creative Commons License
Creative Commons Attribution 4.0 International
Indexed in Scopus
Yes
Open Access
Yes
Open Access Type
Hybrid: This publication is openly available in a subscription-based journal/series
Citation Information
Moayad Aloqaily, Ouns Bouachir, Öznur Özkasap and Faizan Safdar Ali. "SynergyGrids: blockchain-supported distributed microgrid energy trading" Peer-to-Peer Networking and Applications (2021) ISSN: <a href="https://v2.sherpa.ac.uk/id/publication/issn/1936-6442" target="_blank">1936-6442</a>
Available at: http://works.bepress.com/ouns-bouachir/16/