AuthorsJ. Kang, R. Yu, X. Huang, S. Maharjan, Y. Zhang and E. Hossain
TitleEnabling Localized Peer-to-Peer Electricity Trading Among Plug-in Hybrid Electric Vehicles Using Consortium Blockchains
AfilliationCommunication Systems
Project(s)TIDENET: Theoretical and Data-driven Approaches for Energy-efficient Networks
StatusPublished
Publication TypeJournal Article
Year of Publication2017
JournalIEEE Transactions on Industrial Informatics
Volume13
Issue6
Pagination3154 - 3164
Date Published05/2017
PublisherIEEE
ISSN1941-0050
KeywordsConsortium blockchain, decentralized energy trading, double auction, plug-in hybrid electric vehicles (PHEVs), security and privacy
Abstract

We propose a localized Peer-to-Peer (P2P) electricity trading model for locally buying and selling electricity among Plug-in Hybrid Electric Vehicles (PHEVs) in smart grids. Unlike traditional schemes, that transport electricity over long distances and through complex electricity transportation meshes, our proposed model achieves demand response by providing incentives to discharging PHEVs to balance local electricity demand out of their own self-interests. However, since transaction security and privacy protection issues present serious challenges, we explore a promising consortium blockchain technology to improve transaction security without reliance on a trusted third party. A localized P2P Electricity Trading system with COnsortium blockchaiN (PETCON) method is proposed to illustrate detailed operations of localized P2P electricity trading. Moreover, the electricity pricing and the amount of traded electricity among PHEVs are solved by an iterative double auction mechanism to maximize social welfare in this electricity trading. Security analysis shows that our proposed PETCON improves transaction security and privacy protection. Numerical results based on a real map of Texas indicate that the double auction mechanism can achieve social welfare maximization while protecting privacy of the PHEVs.

DOI10.1109/TII.2017.2709784
Citation Key25417