2022 IEEE IAS Global Conference on Emerging Technologies (GlobConET)
Arad, Romania. May 20-22, 2022
Blockchain Based Transactive Energy Market Using
Peer-To-Peer(P2P) Energy Trading
Umare Sonali Vasant, Devesh Shukla,
Department of Electrical Department of Electrical
Engineering Engineering
2022 IEEE IAS Global Conference on Emerging Technologies (GlobConET) | 978-1-6654-4357-9/22/$31.00 ©2022 IEEE | DOI: 10.1109/GlobConET53749.2022.9872378
IIT(BHU) Varanasi IIT(BHU) Varanasi
Varanasi, India Varanasi, India
Abstract—Energy trading through the use of peer to peer
(P2P) approach is one of the challenging and yet developing
approaches to implement a decentralized electricity market. In
the transactive energy market, prosumers with an excess
amount of energy behave as sellers and consumers with an
energy deficit act as buyers. The platform proposed herein is
basically an hour-ahead market, in which market subscribers,
i.e., the peers of the market bid for trading of energy in the
upcoming hour. Market clearing has been promulgated using
P2P energy trading among consumers and producers,
emphasizing privacy and security issues in the consumption
and trading of electricity data using Blockchain technology. As
the physical or distribution network is used for the transfer of
energy, the power losses in the system are inevitable, and hence
during P2P energy trading, grid usage costs are always
encountered which are considered herein. The actual,
specified, forecasted load profiles and the generation profiles
are being used by each peer to bid in each hour. Network usage
costs in the energy trading are calculated using a Subscription
Charge (SC) algorithm; this charge is utilized as a price signal
for reducing any chance of overload in the distribution
network. To calculate SC, Power Transfer Distribution Factor
(PTDF) concept is considered. The simulation is performed on
IEEE 13 bus distribution network with ten consumers and two
prosumers. Results obtained include the comparison of
network subscribers in the presence of central authority as well
as in its absence.
Keywords— Blockchain, Transactive Energy, Peer-to-
peer(P2P) energy trading, Distributed Energy Resources (DER's)
I. INTRODUCTION
In recent years, nearly 60% of electricity consumption
and 30% of the overall energy consumption are used on
buildings making energy efficiency a significant concern.
P2P energy trading can play a vital role in energy
management. The consumers could only purchase electricity
from the power utilities in conventional energy market
systems. However, the uprisal of the smart grid led to a
situation in which the energy users could act as both power
consumers and suppliers. In the deficit and excess of power
supply, the excessive power generated from renewable
generations could be traded among the utility as well as other
users for mutual benefits. Solar and Wind-based DG will be
increased in the near future, and they would be further
accompanied by a supplementary increase in the residential
energy storage systems. The energy resources integrated into
the grid are expected to mitigate problems and manage the
demand of energy more adeptly while maintaining an
important blend of clean renewable energy into the grid.
Transactive energy can be described as "a system of
economic & control mechanisms which allows the dynamic
balance of supply and demand across the overall electrical
infrastructure using value as a key operational parameter."
978-1-6654-4357-9/22/$31.00 ©2022 IEEE
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Amit Kumar Thakur S.P. Singh
Department of Electrical Department of Electrical
Engineering Engineering
IIT(BHU) Varanasi IIT(BHU) Varanasi
Varanasi, India Varanasi, India
While maintaining privacy, designing an appropriate market
clearing mechanism for Peer-to-Peer energy trading is a
difficult task. While a blockchain is inherently distributed
(means that each party/account holder holds copies of the
ledger), it is not inherently decentralized. For this,
Blockchain is used to secure transactions and maintain
privacy.
P2P-based trading has been investigated in several
articles. In [1], a thorough investigation has been provided
about how Blockchain can be used for energy trading
purposes in electrical power systems describing Blockchain
briefly, existing energy schemes, and the challenges faced
theoretically. A decentralized platform for energy trading has
been proposed in [2], where a double auction average
mechanism is considered for market clearance. The 4-layer
system architecture of P2P energy trading model is being
designed on Elecbay platform in LV grid-connected
microgrid based on game-theoretic approach [3]. However, it
has not considered network constraints and losses. So, in [4]
network constraints are considered and therefore sensitivity
analysis has been used to study the impact of Peer-to-
Peer(P2P) transactions on the network . A strategy for
calculating energy price based on market participation
conditions has been proposed in [5], where the market
subscribers consider optimal P2P trading partners to attain
maximum profits. Market clearing price determination has
been discussed in [6], where a solution for finding out system
λ has been discussed, considering the bids as a quadratic
function of real active power rather than the step function.
However, in [7], Artificial Neural Network (ANN) based
forecasting model is used to evaluate the future market-
clearing prices in the electricity markets. [8] proposes a
market-clearing mechanism approach that requires only the
supplied/demanded power by the market subscribers so that
utility and cost function parameters will remain non-public
and independent. In [9] proposed a decentralized energy
exchange system using Blockchain technology by creating
smart contracts for automated energy contracts, whereas [10]
depicted how Blockchain can secure transactions and
optimizes financial & physical operation of networked
microgrids involving DSO as operator and implemented on a
modular simulation platform. [11] uses Bayesian game
theory for bidding purposes and considers physical network
constraints implemented on the IEEE 33 Bus system. In the
paper [12], a permissioned Blockchain that is hyperledger
fabric is used to furnish P2P energy transaction, also here
three entities, mainly energy nodes, energy aggregator and
smart energy meters, are considered. [13] discusses briefly
about Blockchain, initiatives taken by the utilities in this
case, government level regulatory initiatives in the energy
sector. In paper [14], a novel transactive energy scheme has
been developed where DSO uses backward-forward load
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flow method in order to produce DLMP for TNs. In [15] P2P In Transactive Energy Market (TEM), sellers with
based energy trading mechanism has been propounded for additional energy act as prosumers, and each seller possess a
electricity markets having high penetration of DERs. Tushar generation cost function for their produced energy. This is
[16] discusses a P2P energy trading scheme wherein a approximated by a convex quadratic function [21]. The
centralized decision of the energy price is proposed to generation cost function for prosumer ݅ is given by the
provide incentives for the prosumers participating in energy equation (1) as follows:
trading and simultaneously decrease the peak demand of the
centralized power system. Further, an energy trading ‫ܥ‬௜ ሺ‫ݔ‬௜ ሻ ൌ ߙ௜ ൈ  ‫ݔ‬௜ଶ ൅ ߚ௜ ൈ  ‫ݔ‬௜  ൅ ߛ௜  (1)
mechanism that uses consensus-based algorithm has been
proposed in [17]–[19] for smart grids, where the demand and
supply are balanced with coordination and information
exchange among the agents. The effect of blockchain based
energy transaction on aggregated load profile is done in [23]
However, most of the studies mentioned above generally
neglect either the network constraints or the power losses,
which are inevitable. These papers assume that the energy is
transmitted over small distances only in the power system.
However, for the practicality of energy trading and stable
working of the power system, physical network constraints
and power losses play an inevitable role and hence must be
considered. The market-clearing scheme needs to be
designed in such a way that the optimum local solution must
always coincide with the optimum global solution and must
not be unfair to all the market subscribers. Deciding overall,
this shows that there has been a lack of an appropriate
framework for P2P energy trading considering the network
usage along with the privacy of agents.
The major contributions of this article are summarized
below:
x All market subscribers participate and transact
without knowing the actual individual information
x A new platform for interaction of market subscribers
in TEM is proposed implementing all the features of Fig. 1 Flowchart of the entire hour ahead market considered.
blockchain technology
where ߙ௜ ǡ ߚ௜ ǡ ߛ௜ cost coeficients and ‫ݔ‬௜ denotes the quantity
x A social welfare maximization problem is of energy that a seller wants to sell and is the private
considered involving power losses and network information of the seller i. In every time slot i.e. each hour
utilization fees called as SC in energy transactions considered here, sellers give the amount of offered energy to
x Market clearing mechanism doesn't involve the the market as well as their particular reservation price (‫ݎ‬௜ ).
identities of prosumers and consumers respecting Here, the energy a seller is willing to sell or the one sold by
their privacy each seller is transferred to multiple buyers at the same time
i.e.
x The actual, specified, forecasted load profiles and the
ே
generation profiles are being used to bid and validate ‫ݔ‬௜  ൌ  σ௝ୀଵ
್
‫ݔ‬௜௝
the information provided by the market subscribers
in each hour, in which the forecasting of generation where ‫ݔ‬௜௝ is the energy sold by the seller i and transferred
profile of PV is being done by ARIMA and SVM to the buyer j. Now, each seller will try to maximize its
techniques profit in the market, so the profit of seller i is modeled by the
equation (2) as
x The test system considered is IEEE 13 bus which
ே
evaluates the performance of the proposed method. ܲܵ௜  ൌ  ‫ݔ‬௜ ൈ ߣȂ‫ܥ‬௜ ሺ‫ݔ‬௜ ሻ െ  σ௝ୀଵ
್
‫ݔ‬௜௝ ൈ ܵ‫݆݅ܥ‬ (2)
II. METHODOLOGY PROPOSED where λ is the market-clearing price and ܵ‫ܥ‬௜௝ is the
This article propounds a distributed platform for charge to be paid by seller i for utilizing the distribution
transactive energy management. The method could be network to transfer energy to buyer j called as Subscription
utilized to facilitate the interaction of market subscribers in charge.
the distribution network, considering both physical Buyers participating in the Peer-to-peer market are
constraints and losses. Generally, in the transactive energy consumers having a deficit amount of energy and hence
market, prosumers & consumers employ the distribution requires to meets its demand through purchase of energy
system for power transfer, and are thus required to pay a from the sellers. Byuers interests are expressed through their
Subscription Charge (SC). In order to incorporate line flow own utility function that represents the satisfaction level and
constraints during energy trading, Power Transfer depends on its demand from the market. This utility function
Distribution Factor (PTDF) has been considered in this work.

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for every consumer j must always satisfy the following three C. Proposed Subscription charge calculation
properties [22]. Sellers pay a Subscription charge(SC) for employing the
i. The utility function considered as non-decreasing i.e. distribution network for energy transfer. In this work, we
ܷ௝ ሺ‫ݍ‬௝ ሻ  ൒ Ͳ. have employed PTDF (Power Transfer Distribution Factor)
for calculating SC so as to minimize the possibility of
ii. The marginal benefit of consumers is a decreasing distribution line overloading. PTDF linearly approximates
function means the utility gets saturated then i.e. ܷ௝ ሺ‫ݍ‬௝ ሻ  ൑ the first order sensitivity of active power flow. It generally
Ͳ. defined as variation of active power flow through a specific
line, caused by variation of active power generated at certain
iii. No energy consumption results in no benefit for the node of electric power system.
consumer means without consumption, satisfaction is zero
given by ܷ௝ ሺͲሻ ൌ Ͳ. i. PTDF Calculation:- If ܲܶ‫ܨܦ‬௜௝κ denotes the fraction of
Quadratic utility function can be utilized for satisfying transferred power between producer i & consumer j
these properties for consumer j and with demand ‫ݍ‬௝ , and flowing in line , ߟκ is the utilization fee and ܲκ is the
could be modeled as equation (3) total power flow in the line, respectively. Considering
IEEE 13 node distribution system shown in Fig. 2 with
‫ݓ‬௝ ൈ  ‫ݍ‬௝  െ ߜ݆ ‫ݍ  כ‬௝ଶ ݂‫ ݆ݍݎ݋‬൏ ‫݆ݓ‬Ȁʹ ‫݆ߜ כ‬ following assumptions:-
ܷ௝ ൫‫ݍ‬௝ ൯ ൌ  ൝ ௪ೕమ  (3)
ൈ ߜ௝ ݂‫ݍݎ݋‬௝ ൒
௪ೕ
ൈ ߜ௝ ‫ ܮ‬: the number of lines in the distribution network,
ଶ ଶ

The parameters ‫ݓ‬௝ ǡ ߜ௝ in the utility function are private ܰ:the overall number of nodes in the network ܰ ൌ ܰ௦ ൅
information of consumer j. The objective of each buyer j is to ܰ௕ , ܰ௦ and ܰ௕ are the number of source buses and buyer
gain maximum profit as formulated in (4) buses,
A: branch to node incidence matrix with dimension
ܲ‫ܤ‬௝  ൌ  ܷ௝ ൫‫ݍ‬௝ ൯ െ  ‫ݍ‬௝ ൈ ߣ (4)
(‫ ܮ‬ൈ ܰ)
The market functions with an objective of profit B: the diagonal branch susceptance matrix with
maximization for all the market subscribers, i.e., social dimension ሺ‫ ܮ‬ൈ ‫ܮ‬ሻ,
welfare maximization with due consideration of both the
engineering and economic aspects of the distribution system. C: being reduced nodal susceptance matrix with
The flow chart of the hour ahead market considered has been dimension ሺܰ ൈ ܰሻ,
illustrated in Fig. 1.
PTDF (represented by ߖκ௦ ) for line as given in (5)
A. Market Clearing mechanism in decentralized fashion ௝
ܲܶ‫ܨܦ‬௜௝κ ǣ ߖκ௦ =ߔκ௜ െ ߔκ (5)
The issue market-clearing can be tackled in either of the
centralized or decentralized ways. In a centralized market Here, s = {i,j,p} is the transaction for p unit of power
clearing scheeme there would be presence of a central ௝
transferred from producer i to consumer j, ߔκ௜ ǡ ߔκ denote
coordinator that would posses information of all market
Injection Shift Factors (ISF) in the line . Injection shift
subscribers. Presence of a coordinator can cause an
factor matrix represented by ߶ ‫  ؜‬ሾߔκ௡ ሿ ‫ܴ  א‬௅௫ே  is an
udesirable infringement in subscribers' privacy and affect the
approximation of sensitivity matrix and is formulated as (6).
rightness in the market clearing process. To overcome this
issue, a decentralized approach using Blockchain technology ߔ ‫ି ܥܣʹܤ ؜‬ଵ  (6)
where the market subscribers register themselves as peers so
that each subscriber will receive their unique identity here ‫݈ܽ݊݋݃ܽ݅݀ ؜ ʹܤ‬ሾܾͳǡ ܾʹǡ ܾ͵ െ െ െ െ െ ܾ‫ܮ‬ሿ (7)
along with the digital signature generated by using public ‫ܣ‬ ‫  ؜‬ሾܽଵ் ǡ ܽଶ் ǡ ܽଷ் െെെെെെെ െܽ௅் ሿ (8)
key cryptography algorithm. Also, the seller will submit the
reservation price along with the excessive quantity generated ܽκ் ‫[ ؜‬0 0---0 1 0 0---0 -1 0 0---0] (9)
and the consumer will provide the bids with the quantity ݊ ݉
required. It will be stored in a blockchain network and totally
secured through the use of hashing algorithm. In such a way, Where, ܽκ்
represents κ௧௛ row where line is connected
the calculation of cleared market price is done by sorting the from node n to m;
sellers' bids in ascending order and the buyers' bids in
descending order; called a demand-supply graph. This is ‫ܴ  א ܣʹܤܶܣ ؜ ܥ‬ே௫ே  (10)
done because the supply increases with price so that the So now after calculation of PTDF, SC can be calculated
suppliers earn profit, whereas the demand increases with as
lower prices so that the products become more affordable. κ
The energy is allocated greedily from prosumers with lower ௉்஽ி೔ೕ ൈɳκ
ܵ‫ܥ‬௜௝ = σ௅κୀଵ  (11)
reservation prices to consumers who possess higher bids. ୔κ
This approach is scalable and allows both prosumers and This SC needs to be paid by the seller for transacting the
consumers to participate effectively in calculating the energy through the distribution network, considering line
electricity price unlike in the conventional method. flow constraints. This will incentivize market subscribers to
B. Calculation of market clearing price transact energy to minimize network utilization and
promotes trade of energy among local subscribers so as to
The price at which the bids are settled and energy transfer make higher profit. For this, all the bids and offers needs to
among the byuers and sellers takes place is termed as market be known beforehand. If an overload in the line is predicted
clearing price. Market clearing price is taken as the
intersection point of the demand-supply graph.

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then the utilization fee is updated as per the following
equation
௨௣
ɳκ = ɳ௜κ + ൈtሺܲκ  െ  ܲκ௠௔௫ ) (12)

Fig. 2 IEEE 13 nodes distribution test system

TABLE I. PSEUDO CODE: CALCULATION OF SC (SUBSCRIPTION

CHARGE)

Sort and arrange the sellers order in descending orders

and byers order in ascending order.
for all ݆ ‫ܰ݋ݐͳ א‬௕
for all ݅ ‫ א‬1 to Ns
for all κ ‫ א‬1 to L
if U = 1
Fig. 3 Energy allocation mechanism.
if Pl < ܲκ௠௔௫
Calculate ܵ‫ܥ‬௜௝ by using equation (11) TABLE II. SELLERS' GENERATION IN ASCENDING ORDER AND
else BUYERS' DEMAND IN DESCENDING ORDER
Update ௜κ by using equation (12)
Specified generation of sellers Specified demand of the buyers
end if
524.4574035314513 575.708364806030
end if
end for 397.08310804338316 563.455983024970
Calculate ܵ‫ܥ‬௜௝ using equation (11) 536.894157432018
end for 519.827197567925
end for 512.185228030559
Send ܵ‫ܥ‬௜௝ to the market subscribers 499.593129052199
427.659823031915
385.413516754580
௨௣
In the above equation, ɳκ is the updated utilization fee, 352.911607665639
ɳ௜κ denotes initial utilization fee, ‫ ݐ‬is the price coefficient, 328.848618154236
ܲκ௠௔௫ is the maximum power which can flow through the
power line of the network. The algorithm for Subscription
charge calculation is summarized in Table 1.
D. Mechanism for allocation of energy
Once the network utilization fees is calculated, we
calculate the energy allocation from prosumers to consumers
based on this fee. The energy allocation mechanism used in
this work has been inked in Fig. 3. Energy allocation is done
in such a way that energy distribution begins from the seller
having a lower reservation price, and the energy gets
allocated to the buyer having a higher market bid, thus
benefitting all.

Fig. 4 Load profile of buyers for 24 hours.

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 Now to minimize the losses and network utilization fee, found.. The subscription charges for the instant under
each seller will allocate the excessive energy generated to the consideration has been shown in Error! Reference source
buyer, which causes less ܵ‫ܥ‬௜௝ to be paid and the amount of not found.. In order to analyse the effect of blockchain based
energy transacted will be the minimum quantity offered by peer to peer energy trading, we have determined the profit of
the seller i and the quantity required by buyer j. After each each peers participating in the market under the presence and
transaction, these amounts will be updated to be used for the absence of blockchain. These plots have been shown in Fig.
next transaction. 8 and Fig. 9. The blockchain based peer to peer energy
trading happens to be profitable for all participants as is
III. DESCRIPTION OF TEST SYSTEM evident from the comparision of the figures. Thus such a
The proposed method has been tested for its efficacy on scheme would be have a beneficial social impact and would
modified IEEE 13 distribution system. The modifications be more acceptable to the society at large. Further, it can also
are mainly done with incorporation of two distributed see that in the presence of central authority i.e. without
Blockchain, the profit of all the peers is unequal and some of
energy sources. The DERs considered are i) wind system
them have no profit at all whereas some have suffered losses.
assumed to be placed at node 675 consists of an induction
. Hence Blockchain is necessary to secure the transaction so
machine based generator, and ii) a PV system is that all the deals are transparent and all will receive profit as
implemented at node 692. Both the nodes at which the depicted in Fig. 9. It can also be observed from Fig. 10 that
DERs are connected acts as sellers, whereas all the other 10 the losses are more for 692-675 line since they include the
nodes act as buyers in the hour ahead market. The test generation losses and the transacted energy losses to these
system and the DERs are modelled using OpenDSS nodes.
distribution system software with python interfacing. The
irradiance, wind turbine output and temperature of Basel,
Switzerland are used for the calculations. The utility
function parameters for consumers (wj and δj ) are selected
from [5,20] and [0,1] respectively and the cost function
parameters for prosumers are selected from [0,1] and [0,5]
for ߙ௜ ,ߚ௜ correspondingly and ߛ௜ is considered 0. Here only
two buyers will trade energy with the sellers i.e. PV and
Wind, whereas the other buyers will receive the deficit from
the grid itself.
IV. RESULT AND DISCUSSION
The test system discussed in section III has been used and Fig. 5 Generation profile of Seller with wind.
the proposed methodology has been utilized for evaluating
the effect of block chain based transative energy market
using peer-to-peer energy trading. The peers (13 nodes) need
to register themselves in the blockchain network using the
internet as per this system, and then bids need to be
submitted. After the market-clearing price has been
calculated, the novel Subscription charge calculation
algorithm has been developed using PTDF (Power transfer
distribution factor) and ISF (Injection Shift factor). The
energy allocation algorithm proposed in this article has been
used to clear the market, and thus trading occurs between 2
sellers and 10 buyers in a decentralized fashion, thus
protecting and securing the information of the peers.
The losses are also calculated for each hour. The utility
function of the buyer and the cost function of the seller is Fig. 6 Irradiance graph of PV for 24 hours.
calculated, and these are used to calculate the profit of the
peers in this trade. As this is not an isolated grid system, the
network constraints need to be considered here while trading
occurs. Also, the peers who have not traded any energy
between them, especially the consumers, will use the energy
from the grid. The method involves three distinct aspects at
any instant of time under analysis, namely i) actual value, ii)
specified value, iii) forecasted value. At any instant actual
value represents to current transaction value, while the
specified value refers to the bid value and the forecasted
value stands for predicted value for that instant. The plots of
load and generation profiles of actual, specified and
forecasted value has been shown in Fig. 4 and Fig. 5. The
solar irradiance used as input to the solar PV DER has been
inked in Fig. 6. The bids of sellers and byuers at a particular Fig. 7 MCP calculation graph.
time instant has been shown in Error! Reference source not

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TABLE III. SUBSCRIPTION CHARGE RESULTS
Seller 1 Seller 2
524.4574035314513 51.25096127457948
0 345.8321467688037
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
Fig. 8 Profit of peers in presence of central authority (without Blockchain).
Fig. 9 Profit of peers in absence of central authority (with Blockchain
considered).
Fig. 10 Losses calculation for one hour.
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V. CONCLUSION
A blockcain based scheme for transactive energy market
using peer to peer trading has been presented. The proposed
technique has been implemented using an interface between
python and OPENDSS software, where by the distribution
system has been modelled in OPENDSS while blockchain
based system has been modelled using python. Modified
IEEE 13 node distribution feeder having two sellers and ten
byuers considered as test system for demonstration of the
proposed method. The blockchain based technique could
ensure security, privacy and is also observed to be socially
acceptable and beneficial.
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