Blockchain Electricity Trading Under Demurrage

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Title: Blockchain Electricity Trading Under Demurrage
Authors: Devine, Mel T.Cuffe, Paul
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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: BlockchainGeneratorsLoad managementOptimizationPeer-to-peer computingSmart contractsPower marketsTransactive energyTransaction databasesMicrogridsSolar 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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