Microgrid Energy Trading System

What is microgrids energy trading system?

Microgrids energy trading system aims to reduce electricity consumption cost and consumer dependence on utility grids. A stable blockchain-based hybrid trading mechanism is proposed where consumers can both use P2P and M2M energy transactions to fulfill the energy requirements.

Does Rotterdam have a microgrid electricity trading platform?

In August 2020, the port launched a pilot of its microgrid electricity trading platform, known as Distro. This technology operates using artificial intelligence and blockchain, which facilitates energy transactions between the Port of Rotterdam’s commercial energy consumers.

What are interconnected microgrid systems?

Interconnected microgrid systems have various components, i.e., photovoltaic, wind turbines, ESS, and conventional generators. The energy trading scenario involved optimizing hourly energy trading decisions over 24 h, considering fluctuating energy prices and dynamic load profiles.

Can blockchain technology revolutionize energy trading within microgrids?

A comprehensive novel approach is presented in this paper to revolutionized energy trading within microgrids through integration of blockchain technology and smart contracts. Energy token and demand response contracts in decentralized peer to peer energy trading enhance security, efficiency and transparency in microgrid operation.

What are the benefits of microgrid distribution system?

In the distribution system, all microgrid owners and other stakeholders are benefited by sharing the locally generated energy with the adjacent microgrid entities with the help of energy trading process.

What is optimal energy trading in microgrids?

Optimal energy trading within microgrids is a multidimensional optimization problem that requires addressing various challenges, including fluctuating energy prices, load profiles, and operational constraints.