Now showing 1 - 2 of 2
  • Publication
    A Three-Tier Framework for Understanding Disruption Trajectories for Blockchain in the Electricity Industry
    Ever since the invention of Bitcoin by the pseudonymous Satashi Nakamoto, cryptocurrency has provoked debate in banking and finance sectors, and is sometimes considered a potential successor to fiat currency. Blockchain, the new technology underpinning decentralised and immutable databases, has seen much discussion as a potentially game-changing development. Although many industries are exploring its value, the technology has thus far made only minor impacts. A rapidly expanding base of research has emerged on blockchain’s role as a potential disruptor in the electrical energy industry. However, it may be difficult to distinguish hype from more imminently plausible impacts. This paper attempts to serve as a guide for engineering managers wishing to make sense of blockchain’s potential in electricity. This is accomplished by formulating a novel blockchain industry disruption framework, which exists across three tiers. These tiers extend from ideas with the least effect on an industry to total revolutionary concepts that could completely transform an industry. This taxonomy is constructed by examining existing research into disruption hierarchies and blockchain classification methods. Through the lens of this taxonomy, a literature review is performed on blockchain’s role in energy to draw out themes and ideas characterising each tier. The potential likelihood of real-world application of various ideas are discussed, considering how established industries may be affected or disrupted. The authors provide some conjecture here. Finally, courses of action are suggested for those whose sector may be affected by blockchain.
      431Scopus© Citations 22
  • Publication
    Towards Embedding Network Usage Charges Within a Peer-to-Peer Electricity Marketplace
    This paper proposes a novel tariff regime for peer-to-peer energy trading, with an aim to increase transmission efficiency and grid stability by penalising long distance power transactions. In this scheme a portion of the transacted energy is withheld based on the electrical distance between buying and selling parties, calculated here according to the Klein Resistance Distance. This tariff regime is simulated using a dataset of producers and consumers over a 24-hour period. First, a notional marketplace equilibrium simulation is performed, in which consumers can optimally activate demand response resources to exploit local availability of energy. Consumers are observed to move some demand away from peak times to make use of local generation availability. These simulated market out-turns are then used as inputs to a time series power flow analysis, in order to evaluate the network’s electrical performance. The regime is found to decrease grid losses and the magnitude of global voltage angle separation. However, the metric whereby taxes are calculated is found to be too skewed in the utility’s favour and may discourage adoption of the peer-to-peer system. The method also attempts to encourage regulatory adoption by existing grid operators and utilities. Some counter-intuitive allocations of tokenised energy occur, owing to specific consumers’ demand profiles and proximity to generators.
      382Scopus© Citations 5