Combined kiloWatt And negaWatt Trading with Blockchain

Abstract

Generation of renewable energy by participants in the electricity market is used for self-consumption and for local trade. Energy savings can be turned into negative watts-negawatts- and can be traded with peers as the right to purchase electricity. Combining both kilowatt and negawatt trading would enhance the local energy market by providing peers with better access to energy and economic benefits. Trust in the market could be managed effectively with the help of blockchain technology. Market transactions are recorded into immutable, transparent, and distributed ledgers, with added security provided by tokenization. In this work, a combined kiloWatt and negawatts trading is attempted in a local market with solar electricity generation, enabled by smart contract deployed on public blockchain. Smart contracts are written in Solidity language and deployed on Sepolia test network for Ethereum public blockchain.