A Novel electricity Transaction Mode of Microgrids Based on Blockchain and Continuous Double Auction Source: Energies, Vol. 10, No. 12, November 2017 Authors: Jian Wang, Qiang-Gang Wang, Nian-Cheng Zhou, and Yuan Chi Speaker: Chit-Jie Chew Date: 10/11/2018

Outline Introduction Related works Proposed scheme Performance analysis Conclusions

Introduction Consumer Distributed generation(DG) Consumer Power grid Markets Distributed generation(DG) Consumer

Related work Market Low-to-high High-to-low Price: 10200/unit Unit: 3 Consumer1 DG1 Price: 10500/unit Unit: 1 Price: 10000/unit Unit: 3 Consumer2 DG2 Price: 10800/unit Unit: 4 Price: 9900/unit Unit: 4 Consumer3 DG1

Related work Miners Miner Transaction DG1 Consumer1

Proposed scheme Markets Quotes Quotes DGs Information Information Consumers Digital certificate Digital certificate Transaction costs Blockchain Transaction costs Grid Power energy

Proposed scheme Update Transaction price Market information 𝑝 𝑜𝑏𝑖𝑑 , 𝑝 𝑜𝑎𝑠𝑘 Markets Competitive equilibrium price estimation 𝜏 𝑝 𝑝 ′ Aggressiveness model Pricing strategy 𝑣,𝑐 𝑀𝑖𝑛,𝑀𝑎𝑥 𝑣,𝑐 𝑀𝑖𝑛,𝑀𝑎𝑥 𝑟,𝜃 Price constraints 𝑝 ′ Adaptive learning

Proposed scheme Aggressiveness model Intra-marginal Extra-marginal 𝜏 𝑖𝑛,𝑏 = 𝑝 ′ −𝑀𝐼𝑁 1− 𝑒 −𝑟𝜃 −1 𝑒 𝜃 −1 +𝑀𝐼𝑁 𝑟∈(−1,0) 𝑝 ′ + 𝑣− 𝑝 ′ 𝑒 𝑟𝜃 −1 𝑒 𝜃 −1 𝑟∈ 0,1 𝜏 𝑒𝑥,𝑏 = 𝑣−𝑀𝐼𝑁 1− 𝑒 −𝑟𝜃 −1 𝑒 𝜃 −1 +𝑀𝐼𝑁 𝑟∈(−1,0) 𝑣 𝑟∈ 0,1 𝜏 𝑖𝑛,𝑠 = 𝑝 ′ + 𝑀𝐴𝑋− 𝑝 ′ 𝑒 −𝑟𝜃 −1 𝑒 𝜃 −1 𝑟∈ −1,0 𝑐+ 𝑝 ′ −𝑐 1− 𝑒 𝑟𝜃 −1 𝑒 𝜃 −1 𝑟∈ 0,1 𝜏 𝑖𝑛,𝑠 = 𝑐+ 𝑀𝐴𝑋−𝑐 𝑒 −𝑟𝜃 −1 𝑒 𝜃 −1 𝑟∈ −1,0 𝑐 𝑟∈ 0,1

Proposed scheme Competitive 𝑝 ′ equilibrium price Aggressiveness estimation 𝑝 ′ Aggressiveness model 𝑟 𝑡+1 =𝑟 𝑡 + 𝛽 1 𝛿 𝑡 −𝑟 𝑡 𝛿 𝑡 = 1+𝜆 𝑟 𝑠ℎ𝑜𝑢𝑡 𝑡 ,𝜆= −0.05, 0, 0.05 𝑝 ′ = 𝑖=𝑚−𝑛 𝑛 𝑤 𝑖 𝑝 𝑖 𝜃 𝑡+1 =𝜃 𝑡 + 𝛽 2 𝜃 ′ 𝛼 +𝜃 𝑡 𝛼= 1 𝑛 𝑖=𝑚−𝑛 𝑛 𝑝 𝑖 − 𝑝 ′ 2 𝑝 ′ 𝜃 ′ 𝛼 = 𝜃 𝑚𝑎𝑥 − 𝜃 𝑚𝑖𝑛 1− 𝛼− 𝛼 𝑚𝑖𝑛 𝛼 𝑚𝑎𝑥 − 𝛼 𝑚𝑖𝑛 𝑒 2 𝛼− 𝛼 𝑚𝑖𝑛 𝛼 𝑚𝑎𝑥 − 𝛼 𝑚𝑖𝑛 −1 + 𝜃 𝑚𝑖𝑛 𝑟,𝜃 𝑤 𝑖−1 =𝜌 𝑤 𝑖 𝑖=𝑚−𝑛 𝑛 𝑤 𝑖 =1 Adaptive learning

Proposed scheme 𝜏 Aggressiveness model Pricing strategy 𝑝 𝑏 𝑡 = 𝑝 𝑂𝑏𝑖𝑑 𝑡 +𝜂 𝑚𝑖𝑛 𝑣, 𝑝 𝑂𝑎𝑠𝑘 𝑡 − 𝑝 𝑂𝑏𝑖𝑑 𝑡 , 𝑡=1 𝑝 𝑂𝑏𝑖𝑑 𝑡 +𝜂 𝜏 𝑏 𝑡 − 𝑝 𝑂𝑏𝑖𝑑 𝑡 , 𝑡≥2 𝑝 𝑠 𝑡 = 𝑝 𝑂𝑎𝑠𝑘 𝑡 −𝜂 𝑝 𝑂𝑎𝑠𝑘 𝑡 −𝑚𝑎𝑥 𝑐, 𝑝 𝑂𝑏𝑖𝑑 𝑡 , 𝑡=1 𝑝 𝑂𝑎𝑠𝑘 𝑡 −𝜂 𝑝 𝑂𝑎𝑠𝑘 𝑡 −𝜏 𝑠 𝑡 , 𝑡≥2

Proposed scheme Blockchain Transferring bitcoins Issuing energy money Arbitration refund DGs Consumers Third party

Performance analysis

Performance analysis

Performance analysis

Performance analysis

Conclusions Decentralized transactions Market equilibrium Multi-signature