@inproceedings{b768eda01f8a41459e58947090b56da1,
title = "Auction Based Distributed and Optimal Trading Mechanism in Electricity Markets under Blockchains",
abstract = "Auction mechanisms have been widely applied in the electricity market for determining the market price and energy trading. Those who take demand response into consideration are promising to enable interaction of end-users with the grid. In addition, blockchain is an effective way to secure the energy trading in the electricity market. In this paper, a new pricing mechanism based on auction is proposed to induce users to participate actively with the goal of social welfare maximization and to reduce the storage burden of blockchains. In this mechanism, each user submits individual bids to the system/auctioneer. The auctioneer makes optimal allocation with respect to the submitted bidding profile and broadcasts the market price to all the participants. To obtain the optimal trading strategy, an energy distribution algorithm is proposed. In this algorithm, each individual user updates its best response with respect to the market price, which is determined by the set of previous bidding curves. The expected system price determines the user's best response while the resulting load pattern will change this price reversely.",
keywords = "auction, demand response, electricity market, pricing mechanism, smart contract",
author = "Tianbo Zhu and Zhongkang Wei and Bo Ning and Jiaqiang Niu and Jun Liu and Shouxiang Li",
note = "Publisher Copyright: {\textcopyright} 2021 IEEE.; 2021 IEEE IAS Industrial and Commercial Power System Asia, I and CPS Asia 2021 ; Conference date: 18-07-2021 Through 21-07-2021",
year = "2021",
doi = "10.1109/ICPSAsia52756.2021.9621699",
language = "English",
series = "2021 IEEE IAS Industrial and Commercial Power System Asia, I and CPS Asia 2021",
publisher = "Institute of Electrical and Electronics Engineers Inc.",
pages = "39--43",
booktitle = "2021 IEEE IAS Industrial and Commercial Power System Asia, I and CPS Asia 2021",
address = "United States",
}