An experimental evaluation of a blockchain-based peer-to-peer energy trading framework

Abstract

Increasing penetration of Distributed Energy Resources (DERs) like solar PV, Battery Energy Storage Systems (BESS), electric vehicles and the digitization of power grids are turning consumers into prosumers. The excess energy generated by these prosumers can either be fed back into the grid or used for Peer-to-Peer (P2P) trading. P2P energy trading is a new paradigm that introduces flexibility among electricity users, where the energy from DERs is traded locally. This paper proposes an optimization model for P2P energy trading between prosumers and consumers such that the economic benefits of both groups are maximized by minimizing the total cost incurred in purchasing electricity. Further, it uses a blockchain-based platform for securing the transactions conducted during P2P energy trading. The proposed model’s effectiveness is tested on a test rig developed at IIT Gandhinagar, which consists of two peers. One of the peers acts like a prosumer with solar PV generation and BESS, whereas the other peer is a consumer. Results reveal that the proposed model provides better economic benefits to the prosumers than the feed-in tariff model.