Energy Storage Sharing Mechanism Based on Blockchain

Abstract

The increasing penetration of renewable energy and its inherent uncertainty necessitate the development of energy storage in the power system. Currently, the value of energy storage is still not fully unlocked because of 1) misallocation between the energy storage demands and resources, 2) lack of an energy storage sharing mechanism. To solve the above limitations, this paper designs an energy storage sharing mechanism via blockchain. A bidding model is established to optimize the bidding strategies of energy storage in joint energy, frequency, and FRP (flexible ramping product) market. Then, a blockchain-based P2P (peer-to-peer) energy storage sharing mechanism in the joint markets is proposed to enable trustworthy and transparent trading. Simulation results on a Substrate private blockchain verify the efficiency of the proposed mechanism.