A smart contract trading model between renewable energy generations and flexible loads

Abstract

Recently, new energy power generation has been developed on a large scale, and the construction process of China’s electricity spot market has been accelerated. Therefore, new energy has begun gradually participating in the spot market competition. However, the uncertainty and volatility of new energy output lead to its weak market competitiveness. This paper, relying on blockchain technology, researches the operation strategy of new energy power generators and flexible loads such as thermal storage electric heating that sign smart contracts to participate in the spot market and the resulting benefits jointly. The operation strategy proposed in this paper focuses on the uncertainty of the real-time output of new energy and the balance cost it brings. It offers to rely on the positive and negative standby of thermal storage electric heating to compensate for the volatility and uncertainty of new energy power generation. It verifies the effectiveness of the proposed model and the rationality of signing smart contracts through examples.