Open AccessBlockchain‐based framework of power demand response in China
Author(s) -
Yan Yong,
Huang Jianping,
Chen Xingying,
Zhang Zhi,
Zhang Tianhan,
Lin Zhenzhi
Publication year - 2021
Publication title -
iet renewable power generation
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.005
H-Index - 76
eISSN - 1752-1424
pISSN - 1752-1416
DOI - 10.1049/rpg2.12219
Subject(s) - demand response , blockchain , bidding , computer science , demand management , power demand , smart contract , supply and demand , computer security , business , power (physics) , engineering , economics , electricity , power consumption , microeconomics , marketing , physics , quantum mechanics , electrical engineering , macroeconomics
Demand response is recognized as an effective solution for eliminating power fluctuations and satisfying capacity constraints in power systems. A growing customer base equipped with energy storage and intelligent power meter on the demand side has resulted in the strong interest of China's power companies in demand response. However, most exiting demand response programs in China are based on a centralized framework, which is easier for management, but cannot support a large number of scattered small‐scale users' participation effectively. Therefore, taking the desired features of blockchain technology, such as decentralization, trustworthiness, trackability, and immutability into consideration, the applicability of blockchain in demand response is analyzed. On this basis, a new blockchain‐based framework of China's typical demand response programs is proposed, in which consensus mechanism, encryption algorithm, and smart contract of blockchain are applied to the process of invitation, bidding, and settlement in demand response. Furthermore, the development suggestions of China's demand response based on blockchain technology are put forward from the aspects of trading products, credit management, and platform construction at the end of this work.