Overview of Microgrids and Blockchain Technology

Authors

  • Changxuan Liu

DOI:

https://doi.org/10.54097/67nwhf70

Keywords:

Microgrid, Smart grid, Renewable Energy, Blockchain.

Abstract

This paper addresses the vital role of microgrids in the efficient utilization of renewable energy within the context of the evolving energy internet and electricity market reforms. In this work, we review the fundamental concepts of microgrids, their historical progression, energy storage technologies, and advanced control and scheduling techniques. We focus on the benefits of flexible interconnection in hybrid AC/DC microgrids and propose a decentralized energy trading system utilizing blockchain technology. Our findings demonstrate that implementing blockchain not only enhances trading efficiency and reduces costs but also facilitates secure peer-to-peer transactions between consumers and producers. This innovative approach resolves prevalent issues in traditional energy trading frameworks and fosters greater market dynamics. The significance of this research lies in its potential to inform the commercialization and sustainable development of microgrids, ultimately promoting optimal allocation and utilization of energy resources. By providing actionable insights, this work contributes to advancing the field of energy management and supports the transition towards a more resilient and decentralized energy landscape.

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References

[1] Du, X.; Qi, Y.; Chen, B.; Shan, B.; Liu, X. (2021) The Integration of Blockchain Technology and Smart Grid: Framework and Application.Math. Probl. Eng. 2021, 9956385.

[2] Al-Shetwi, A.Q. (2022) Sustainable Development of Renewable Energy Integrated Power Sector: Trends, Environmental Impacts, and Recent Challenges. Sci. Total Environ. 822, 153645.

[3] Tsao, Y.-C.; Vu, T.-L. A (2022) Decentralized Microgrid Considering Blockchain Adoption and Credit Risk. J. Oper. Res. Soc. 73,2116–2128.

[4] Wang, X.; Liu, P.; Ji, Z. (2021) Trading Platform for Cooperation and Sharing Based on Blockchain within Multi-Agent Energy Internet.Glob. Energy Interconnect.4, 384–393

[5] Suthar, S.; Cherukuri, S.H.C.; Pindoriya, N.M. (2023) Peer-to-Peer Energy Trading in Smart Grid: Frameworks, Implementation Methodologies, and Demonstration Projects. Electr. Power Syst. Res. 214, 108907.

[6] Yahaya, A.S.; Javaid, N.; Alzahrani, F.A.; Rehman, A.; Ullah, I.; Shahid, A.; Shafiq, M. (2020) Blockchain Based Sustainable Local Energy Trading Considering Home Energy Management and Demurrage Mechanism. Sustainability 12, 3385.

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Published

29-11-2024

Issue

Section

Articles

How to Cite

Liu, C. (2024). Overview of Microgrids and Blockchain Technology. Academic Journal of Science and Technology, 13(2), 39-41. https://doi.org/10.54097/67nwhf70