Automation of the supplier role in the GB power system using blockchain-based smart contracts

Abstract

An electricity supply smart contract was developed and demonstrated to perform pre-time-of-use price negotiation between demand and generation and post-time-of-use settlement and payment. The smart contract was demonstrated with 1000 loads/generators with usages simulated using lognormal probability distributions. It combines payment of deposit, negotiation of price based on estimates, settlement based on actual usage and enactment of payments using crypto-currency. The settlement procedure rewards customers that adjusted to balance the system. The smart contract was written in the solidity programming language and implemented with a simulated Ethereum blockchain using testrpc and go-ethereum. In the example test case, a price was agreed, settled and payment enacted.