Two-stage blockchain-based transaction mechanism of demand response quota

Abstract

The current price guided demand response mechanism is difficult to accurately achieve the expected load reduction goal for the grid company, while the direct control demand response mechanism cannot meet the requirements of users for autonomous power consumption. Therefore, it is necessary to formulate an incentive compatible demand response mechanism to take the needs of demand-side users and the grid company into account. Based on the current bidding demand response program, a two-stage transaction mechanism of demand response quota based on blockchain is proposed in this work. Firstly, a two-stage transaction mechanism for demand response quota considering day-ahead bidding transaction and intra-day double auction transaction is designed. Then, the smart contract is introduced to realize the proposed blockchain-based two-stage transaction mechanism of demand response quota, and all the smart contract functions involved in each business link are customized. Finally, the effectiveness of the proposed transaction mechanism of demand response quota is illustrated by the simulation results on the platform of Remix IDE.

Keywords

• Blockchain
• Demand response
• Demand response quota
• Double auction transaction
• Smart contract