Smart contract formation enabling energy-as-a-service in a virtual power plant

dc.contributor.authorMishra, Sambeet
dc.contributor.authorCrasta, Cletus John
dc.contributor.authorBordin, Chiara
dc.contributor.authorMateo Fornés, Jordi
dc.date.accessioned2021-11-09T08:18:30Z
dc.date.available2021-11-09T08:18:30Z
dc.date.issued2021-10-22
dc.date.updated2021-11-09T08:18:30Z
dc.description.abstractEnergy as a service (EaaS) is an emerging business model that enables the otherwise passive energy consumers to play an active role and participate in the energy utility services. This platform is formed through smart contracts registering peer-to-peer (P2P) transactions of energy through price and quantity. Many industries, including finance, have already leveraged smart contracts to introduce digital currencies. At this time, the utility industry is faced with the challenge of how to structure smart contract formation in a local energy market. Specifically, they are faced with the challenge of maintaining a balance between energy generation and demand while enabling traceability, security, and unbiased peer-to-peer energy transactions, especially within a virtual power plant. This article aims at addressing the aforementioned challenges. In particular, this article investigates how to structure the microgrids in a local energy market, and how to ensure balance and resiliency with incomplete information. Taking various generation asset dimensions and demand profiles into account, simulations are performed. A novel evolutionary computing strategy to structure the simulation is proposed. A comparison is made among random order, random selection, profit-based ranking, and evolutionary strategy for coordinating the contract formation. The discussions draw attention to each method's advantages and disadvantages in terms of their value as a strategy for forming smart contracts in a local energy market.
dc.description.sponsorshipEesti Teadusagentuur, Grant/Award Number: PUTJD915; Ministerio de Economia y Competitividad, Grant/Award Number: TIN2017-84553-C2-2-R; Ministerio de Ciencia e Innovacion, Grant/Award Number: PID2020-113614RB-C22
dc.format.mimetypeapplication/pdf
dc.identifier.doihttps://doi.org/10.1002/er.7381
dc.identifier.idgrec031727
dc.identifier.issn0363-907X
dc.identifier.urihttp://hdl.handle.net/10459.1/72237
dc.language.isoeng
dc.publisherJohn Wiley & Sons Ltd.
dc.relationinfo:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2013-2016/TIN2017-84553-C2-2-R/ES/APROVECHANDO LOS NUEVOS PARADIGMAS DE COMPUTO PARA LOS RETOS DE LA SOCIEDAD DIGITAL - UDL/
dc.relationinfo:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020/PID2020-113614RB-C22/ES/COMPUTACION AVANZADA PARA LOS RETOS DE LA SOCIEDAD DIGITAL/
dc.relation.isformatofReproducció del document publicat a https://doi.org/10.1002/er.7381
dc.relation.ispartofInternational Journal of Energy Research, 2021
dc.rightscc-by (c) Sambeet Mishra et al., 2021
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectBlockchain
dc.subjectEnergy-as-a-service
dc.subjectLocal energy market
dc.titleSmart contract formation enabling energy-as-a-service in a virtual power plant
dc.typeinfo:eu-repo/semantics/article
dc.type.versioninfo:eu-repo/semantics/publishedVersion
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