Towards a Blockchain-enabled Transactive Renewable Energy Trading Market

Optimizing microgrids involves integrating distributed generation and battery storage to enhance their functionality. Smart meters enable intelligent control of Distributed Energy Resources (DER) via digital platforms, empowering consumers to become active participants in the energy system. The emergence of peer-to-peer (P2P) intra-transactions provides a novel mechanism for power exchange within community microgrids. This is facilitated by the expansion and digitization of power distribution infrastructure. Blockchain technology plays a crucial role in facilitating P2P power exchange among prosumers, consumers, and Renewable Energy Source (RES) owners. This research aims to develop an independent microgrid structure tailored for energy investment. The proposed approach leverages blockchain innovation to simulate a distributed microgrid power market, incorporating P2P power exchanges and a battery backup system. Consumer responses to price fluctuations determine the clearing price in the microgrid’s P2P market. This incentivizes consumers and prosumers to adjust their energy consumption patterns, contributing to the flexibility and responsiveness of the microgrid. The P2P market framework includes a cryptocurrency, Cosmos, mined and distributed through the blockchain. Results indicate that end-users benefit from energy savings and increased autonomy due to the integration of automated P2P transactions and versatile storage capabilities. The proposed study presents a holistic perspective on microgrid energy markets and demonstrates the seamless integration of blockchain innovation into existing electrical infrastructure. It establishes a sustainable model for a microgrid energy market, enabling the efficient utilization and sharing of energy resources.