Blockchain Electricity Trading Under Demurrage
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|Title:||Blockchain Electricity Trading Under Demurrage||Authors:||Devine, Mel T.; Cuffe, Paul||Permanent link:||http://hdl.handle.net/10197/10688||Date:||11-Jan-2019||Online since:||2019-05-28T14:16:37Z||Abstract:||This letter proposes a novel demurrage mechanism for blockchain electricity marketplaces, whereby the redemptive value of energy-backed tokens declines with time. This mechanism is intended to reward organic price-responsive load shifting by incentivising the consumption of electricity when it is locally abundant. To demonstrate how such a demurrage mechanism might function in practice, this letter describes a mixed complementarity model of a notional token marketplace. These market simulations indicate that, in equilibrium and with rational actors, the demurrage mechanism creates price signals that temporally align the production and consumption of electricity.||Funding Details:||Science Foundation Ireland||Type of material:||Journal Article||Publisher:||IEEE||Journal:||IEEE Transactions on Smart Grid||Volume:||10||Issue:||2||Start page:||2323||End page:||2325||Copyright (published version):||2018 IEEE||Keywords:||Blockchain; Generators; Load management; Optimization; Peer-to-peer computing; Smart contracts; Power markets; Transactive energy; Transaction databases; Microgrids; Solar power generation||DOI:||10.1109/TSG.2019.2892554||Language:||en||Status of Item:||Peer reviewed|
|Appears in Collections:||Electrical and Electronic Engineering Research Collection|
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