Singapore Local Energy Market Development Using Blockchain Enabled P2P Trading

Liaqat Ali; M. Imran Azim; Jan Peters; Sanjeevikumar Padmanaban; Vivek Bhandari; Anand Menon; Jemma Green; S. M. Muyeen

doi:10.1109/PEDS57185.2023.10246687

Singapore Local Energy Market Development Using Blockchain Enabled P2P Trading

Liaqat Ali, M. Imran Azim, Jan Peters, Sanjeevikumar Padmanaban, Vivek Bhandari, Anand Menon, Jemma Green, S. M. Muyeen

Research output: Chapter in Book/Report/Conference proceeding › Conference Paper › Research › peer-review

4 Citations (Scopus)

Abstract

The proposed system develops a peer-to-peer (P2P) energy trading-based Local Energy Market (LEM) solution which optimizes distributed energy resources (DERs). The blockchain-based trading platform allows secure and transparent P2P energy trading in a grid-connected power network. In the P2P network, a participant with a surplus of renewable energy (such as solar photovoltaic (PV)) can trade excess with any other participants with an energy deficit. However, in business-as-usual (BAU), it has been fed back to the power grid or curtailed - which can be extremely costly to the grid. The energy traded through solar PV and battery energy storage system (BESS) via P2P trading is cheaper than the respective tariff of the grid.The main aim of the LEM is to mitigate power outages and accelerate the transition to clean energy through increased rooftop solar PV installation by motivating consumers and prosumers to invest in DERs. The LEM implements a marketplace for optimizing distributed energy resources (DERs). In doing so, the LEM can minimize lost energy from existing DER capacity, provide a financial incentive to generate renewable energy beyond the site it is generated at, and improve the savings and profits compared to a BAU case. Simplified, a LEM provides participants with cheaper, greener, and more reliable energy. The LEM maximizes a participant's yield from their solar PV panels, increasing the investment's profitability.Due to the benefits provided, implementing LEM accelerates renewable energy deployment with no government incentives. These benefits are achieved by utilizing a low-energy, high-speed proprietary Blockchain in tandem with the microservice-based architecture used in the software, which develops a secure trading network that is both easily scalable and highly resilient.

Original language	English
Title of host publication	14th IEEE International Conference on Power Electronics and Drive Systems, PEDS 2023
Editors	Norjulia Mohamad Nordin, Shahrin Md Ayob, Aaron Cai
Place of Publication	Piscataway NJ USA
Publisher	IEEE, Institute of Electrical and Electronics Engineers
Number of pages	6
ISBN (Electronic)	9798350399967
ISBN (Print)	9798350399974
DOIs	https://doi.org/10.1109/PEDS57185.2023.10246687
Publication status	Published - 2023
Externally published	Yes
Event	IEEE International Conference on Power Electronics and Drive Systems 2023 - Montreal, Canada Duration: 7 Aug 2023 → 10 Aug 2023 Conference number: 14th https://ieeexplore.ieee.org/xpl/conhome/10246451/proceeding (Proceedings) https://ieee-peds.org/ (Website)

Publication series

Name	Proceedings of the International Conference on Power Electronics and Drive Systems
Publisher	IEEE, Institute of Electrical and Electronics Engineers
Volume	2023-August
ISSN (Print)	2164-5256
ISSN (Electronic)	2164-5264

Conference

Conference	IEEE International Conference on Power Electronics and Drive Systems 2023
Abbreviated title	PEDS 2023
Country/Territory	Canada
City	Montreal
Period	7/08/23 → 10/08/23
Internet address	https://ieeexplore.ieee.org/xpl/conhome/10246451/proceeding (Proceedings) https://ieee-peds.org/ (Website)

Keywords

blockchain
electricity cost reduction
Local energy market
network operator
peer-to-peer
power grid

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1109/PEDS57185.2023.10246687

Cite this

Ali, L., Azim, M. I., Peters, J., Padmanaban, S., Bhandari, V., Menon, A., Green, J., & Muyeen, S. M. (2023). Singapore Local Energy Market Development Using Blockchain Enabled P2P Trading. In N. Mohamad Nordin, S. Md Ayob, & A. Cai (Eds.), 14th IEEE International Conference on Power Electronics and Drive Systems, PEDS 2023 (Proceedings of the International Conference on Power Electronics and Drive Systems; Vol. 2023-August). IEEE, Institute of Electrical and Electronics Engineers. https://doi.org/10.1109/PEDS57185.2023.10246687

Ali, Liaqat ; Azim, M. Imran ; Peters, Jan et al. / Singapore Local Energy Market Development Using Blockchain Enabled P2P Trading. 14th IEEE International Conference on Power Electronics and Drive Systems, PEDS 2023. editor / Norjulia Mohamad Nordin ; Shahrin Md Ayob ; Aaron Cai. Piscataway NJ USA : IEEE, Institute of Electrical and Electronics Engineers, 2023. (Proceedings of the International Conference on Power Electronics and Drive Systems).

@inproceedings{f9fe2840f70846d1a13c3a1004678304,

title = "Singapore Local Energy Market Development Using Blockchain Enabled P2P Trading",

abstract = "The proposed system develops a peer-to-peer (P2P) energy trading-based Local Energy Market (LEM) solution which optimizes distributed energy resources (DERs). The blockchain-based trading platform allows secure and transparent P2P energy trading in a grid-connected power network. In the P2P network, a participant with a surplus of renewable energy (such as solar photovoltaic (PV)) can trade excess with any other participants with an energy deficit. However, in business-as-usual (BAU), it has been fed back to the power grid or curtailed - which can be extremely costly to the grid. The energy traded through solar PV and battery energy storage system (BESS) via P2P trading is cheaper than the respective tariff of the grid.The main aim of the LEM is to mitigate power outages and accelerate the transition to clean energy through increased rooftop solar PV installation by motivating consumers and prosumers to invest in DERs. The LEM implements a marketplace for optimizing distributed energy resources (DERs). In doing so, the LEM can minimize lost energy from existing DER capacity, provide a financial incentive to generate renewable energy beyond the site it is generated at, and improve the savings and profits compared to a BAU case. Simplified, a LEM provides participants with cheaper, greener, and more reliable energy. The LEM maximizes a participant's yield from their solar PV panels, increasing the investment's profitability.Due to the benefits provided, implementing LEM accelerates renewable energy deployment with no government incentives. These benefits are achieved by utilizing a low-energy, high-speed proprietary Blockchain in tandem with the microservice-based architecture used in the software, which develops a secure trading network that is both easily scalable and highly resilient.",

keywords = "blockchain, electricity cost reduction, Local energy market, network operator, peer-to-peer, power grid",

author = "Liaqat Ali and Azim, {M. Imran} and Jan Peters and Sanjeevikumar Padmanaban and Vivek Bhandari and Anand Menon and Jemma Green and Muyeen, {S. M.}",

note = "Publisher Copyright: {\textcopyright} 2023 IEEE.; IEEE International Conference on Power Electronics and Drive Systems 2023, PEDS 2023 ; Conference date: 07-08-2023 Through 10-08-2023",

year = "2023",

doi = "10.1109/PEDS57185.2023.10246687",

language = "English",

isbn = "9798350399974",

series = "Proceedings of the International Conference on Power Electronics and Drive Systems",

publisher = "IEEE, Institute of Electrical and Electronics Engineers",

editor = "{Mohamad Nordin}, Norjulia and {Md Ayob}, Shahrin and Aaron Cai",

booktitle = "14th IEEE International Conference on Power Electronics and Drive Systems, PEDS 2023",

address = "United States of America",

url = "https://ieeexplore.ieee.org/xpl/conhome/10246451/proceeding, https://ieee-peds.org/",

}

Ali, L, Azim, MI, Peters, J, Padmanaban, S, Bhandari, V, Menon, A, Green, J & Muyeen, SM 2023, Singapore Local Energy Market Development Using Blockchain Enabled P2P Trading. in N Mohamad Nordin, S Md Ayob & A Cai (eds), 14th IEEE International Conference on Power Electronics and Drive Systems, PEDS 2023. Proceedings of the International Conference on Power Electronics and Drive Systems, vol. 2023-August, IEEE, Institute of Electrical and Electronics Engineers, Piscataway NJ USA, IEEE International Conference on Power Electronics and Drive Systems 2023, Montreal, Canada, 7/08/23. https://doi.org/10.1109/PEDS57185.2023.10246687

Singapore Local Energy Market Development Using Blockchain Enabled P2P Trading. / Ali, Liaqat; Azim, M. Imran; Peters, Jan et al.
14th IEEE International Conference on Power Electronics and Drive Systems, PEDS 2023. ed. / Norjulia Mohamad Nordin; Shahrin Md Ayob; Aaron Cai. Piscataway NJ USA: IEEE, Institute of Electrical and Electronics Engineers, 2023. (Proceedings of the International Conference on Power Electronics and Drive Systems; Vol. 2023-August).

Research output: Chapter in Book/Report/Conference proceeding › Conference Paper › Research › peer-review

TY - GEN

T1 - Singapore Local Energy Market Development Using Blockchain Enabled P2P Trading

AU - Ali, Liaqat

AU - Azim, M. Imran

AU - Peters, Jan

AU - Padmanaban, Sanjeevikumar

AU - Bhandari, Vivek

AU - Menon, Anand

AU - Green, Jemma

AU - Muyeen, S. M.

N1 - Conference code: 14th

PY - 2023

Y1 - 2023

N2 - The proposed system develops a peer-to-peer (P2P) energy trading-based Local Energy Market (LEM) solution which optimizes distributed energy resources (DERs). The blockchain-based trading platform allows secure and transparent P2P energy trading in a grid-connected power network. In the P2P network, a participant with a surplus of renewable energy (such as solar photovoltaic (PV)) can trade excess with any other participants with an energy deficit. However, in business-as-usual (BAU), it has been fed back to the power grid or curtailed - which can be extremely costly to the grid. The energy traded through solar PV and battery energy storage system (BESS) via P2P trading is cheaper than the respective tariff of the grid.The main aim of the LEM is to mitigate power outages and accelerate the transition to clean energy through increased rooftop solar PV installation by motivating consumers and prosumers to invest in DERs. The LEM implements a marketplace for optimizing distributed energy resources (DERs). In doing so, the LEM can minimize lost energy from existing DER capacity, provide a financial incentive to generate renewable energy beyond the site it is generated at, and improve the savings and profits compared to a BAU case. Simplified, a LEM provides participants with cheaper, greener, and more reliable energy. The LEM maximizes a participant's yield from their solar PV panels, increasing the investment's profitability.Due to the benefits provided, implementing LEM accelerates renewable energy deployment with no government incentives. These benefits are achieved by utilizing a low-energy, high-speed proprietary Blockchain in tandem with the microservice-based architecture used in the software, which develops a secure trading network that is both easily scalable and highly resilient.

AB - The proposed system develops a peer-to-peer (P2P) energy trading-based Local Energy Market (LEM) solution which optimizes distributed energy resources (DERs). The blockchain-based trading platform allows secure and transparent P2P energy trading in a grid-connected power network. In the P2P network, a participant with a surplus of renewable energy (such as solar photovoltaic (PV)) can trade excess with any other participants with an energy deficit. However, in business-as-usual (BAU), it has been fed back to the power grid or curtailed - which can be extremely costly to the grid. The energy traded through solar PV and battery energy storage system (BESS) via P2P trading is cheaper than the respective tariff of the grid.The main aim of the LEM is to mitigate power outages and accelerate the transition to clean energy through increased rooftop solar PV installation by motivating consumers and prosumers to invest in DERs. The LEM implements a marketplace for optimizing distributed energy resources (DERs). In doing so, the LEM can minimize lost energy from existing DER capacity, provide a financial incentive to generate renewable energy beyond the site it is generated at, and improve the savings and profits compared to a BAU case. Simplified, a LEM provides participants with cheaper, greener, and more reliable energy. The LEM maximizes a participant's yield from their solar PV panels, increasing the investment's profitability.Due to the benefits provided, implementing LEM accelerates renewable energy deployment with no government incentives. These benefits are achieved by utilizing a low-energy, high-speed proprietary Blockchain in tandem with the microservice-based architecture used in the software, which develops a secure trading network that is both easily scalable and highly resilient.

KW - blockchain

KW - electricity cost reduction

KW - Local energy market

KW - network operator

KW - peer-to-peer

KW - power grid

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BT - 14th IEEE International Conference on Power Electronics and Drive Systems, PEDS 2023

A2 - Mohamad Nordin, Norjulia

A2 - Md Ayob, Shahrin

A2 - Cai, Aaron

PB - IEEE, Institute of Electrical and Electronics Engineers

CY - Piscataway NJ USA

T2 - IEEE International Conference on Power Electronics and Drive Systems 2023

Y2 - 7 August 2023 through 10 August 2023

ER -

Ali L, Azim MI, Peters J, Padmanaban S, Bhandari V, Menon A et al. Singapore Local Energy Market Development Using Blockchain Enabled P2P Trading. In Mohamad Nordin N, Md Ayob S, Cai A, editors, 14th IEEE International Conference on Power Electronics and Drive Systems, PEDS 2023. Piscataway NJ USA: IEEE, Institute of Electrical and Electronics Engineers. 2023. (Proceedings of the International Conference on Power Electronics and Drive Systems). doi: 10.1109/PEDS57185.2023.10246687

Singapore Local Energy Market Development Using Blockchain Enabled P2P Trading

Abstract

Publication series

Conference

Keywords

UN SDGs

Access to Document

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