A hierarchical blockchain-based electricity market framework for energy transactions in a security-constrained cluster of microgrids. (July 2022)

• Record Type: Journal Article
• Authors: Mahmoudian Esfahani, Mohammad
• Is Part Of: International journal of electrical power & energy systems. Volume 139(2022)
• Publication Date: 2022-07
• Subjects: Electricity Markets -- Microgrids -- Blockchain Technology -- Secure Transactions -- Feasible Trading; Electrical engineering -- Periodicals; Electric power systems -- Periodicals; Électrotechnique -- Périodiques; Réseaux électriques (Énergie) -- Périodiques; Electric power systems; Electrical engineering; Periodicals; 621.3
• DOI: 10.1016/j.ijepes.2022.108011
• Languages: English
• ISSNs: 0142-0615

Abstract

Highlights: A new approach of hierarchical blockchain-based energy markets is proposed and developed. Three market layers for energy transactions within and between microgrids are defined. An equivalent microgrid model is introduced for inter-microgrid energy trading. An effective ledger summarizing mechanism is proposed to summarize local blockchain ledgers. Transactions' feasibility assessment is added to the blockchain verification mechanism. Model in validated and enhancements are highlighted through numerical results. Abstract: In this paper, a Hierarchical Blockchain-based electricity market framework is proposed for peer-to-peer energy transactions within and between Microgrids in a security-constrained cluster of Microgrids. This market enhances the energy transaction mechanism, market clearing process and security of the power market. The existing blockchain based electricity markets usually check the energy availability through a transaction verification process, however, the feasibility of energy transactions between microgrids from the power system point of view is not evaluated before approving a transaction and creating a new block. In this paper, the unique structure of the market makes it possible to consider reliability security constraints of the power grid during the transaction verification process. Furthermore, the blockchain ledger summarization and microgrid's equivalent model development are other new features of this framework. To develop and verity this market framework, Java programming language is used to create the hierarchical blockchain-based algorithm, and a modified IEEE 37-bus distribution test feeder system is chosen as the case study. Numerical results will show the effectiveness of this market structure, especially, when several transactions are requested to transfer energy over some congested transmission corridors.