Operational and Economic Feasibility Area Estimation for Peer-to-Peer Consortium of Storage Systems in a Blockchain Framework

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4 Scopus citations

Abstract

Peer-to-peer (P2P) energy trading in a blockchain framework has revealed an imminent potential to complement the conventional trading mechanisms. To that end, this article proposes a new framework for the economic consortium of energy storage systems. A new formulation is presented that would create operational and economic feasibility areas for choosing feasible bids traded in a blockchain framework. The former indicates the area in which the request for the energy trade is within the operational/physical limitations of the energy trader, while the latter is related to the area where the operation of the trader is economically profitable. Although the formulation provided for the feasibility areas is generic and can be utilized as a tool in various P2P applications, it is tailored in this article for energy storage scheduling. Using the proposed formulation for feasibility areas, the concept of feasibility area estimator is presented. The estimator is, then, integrated with the optimal scheduling model in order to capture operationally and economically viable bids traded in a blockchain system. Through numerical results, the efficacy and validity of the proposed model in this article are evaluated. It is demonstrated that different characteristics can be created for filtering the feasible bids to be utilized for storage scheduling. It is also shown that storage can effectively respond to and operate based on such feasible bids. Storage can exploit the arbitrage opportunities and trade energy with other peers to maximize its revenue.

Original languageBritish English
Article number9163158
Pages (from-to)423-434
Number of pages12
JournalIEEE Systems Journal
Volume15
Issue number1
DOIs
StatePublished - Mar 2021

Keywords

  • Blockchain
  • energy storage
  • feasibility areas
  • peer-to-peer (P2P) consortium
  • scheduling

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