Blockchain Enabled Peer-to-Peer Multi-Energy Trading

PI: Dr. Yi Wang, HKU

Project Abstract: 

Accommodating the high penetration of renewable energy effectively reduces carbon emissions. However, renewable energy shows large randomness and fluctuations. It thus threatens the stability of power and energy systems where the energy generated and consumed have to be in balance in real-time. Multi-energy systems bring together electric power, heat, and gas systems. Flexibility can be explored by making use of the complementary characteristics of each energy system to mitigate renewable energy fluctuations. To this end, a growing number of distributed energy resources (DERs) with small sizes, such as microgrids and building prosumers, should be adaptively coordinated to provide flexibility with a high requirement of privacy protection. As classical centralized markets fail in this situation, more efforts should be made to establish a peer-to-peer (P2P) market with extended security and flexibility support considerations. Fortunately, financial and technological (FinTech) innovation opens up various new opportunities for modernizing the existing energy systems. This project is committed to developing a novel, trustful, efficient, and incentive-compatible peer-to-peer market for multi-energy prosumers using blockchain technology. How to realize the organic integration of distributed energy market and blockchain technology will be investigated, and a demonstration platform will be developed to verify the proposed methods.