Wireless Blockchain based Dual Auction Method for Peer-to-Peer Energy Exchange on Microgrid

Decentralized energy trading stands as a significant avenue for enhancing the utilization of Sustainable Energy (SE) resources within the Grid network, while simultaneously mitigating losses associated with extensive grid infrastructure. Four distinct dual auction scheme, including Trade Reduction, McAfee, Vickrey Clarke Groves (VCG), and Average, aim to improve the efficiency of decentralized peer-to-peer energy exchange. This research work systematically assessed these mechanisms in a range of forms of microgrid (MG). Participants can specify how much they are willing to spend on various energy modules on varying period that incorporates user priority, bidding methods, and time of use tariffs. In most MG configurations, the Average and VCG processes were shown to be the most efficient. In particular, it was discovered that the average mechanism worked best for a market-focused MG, but the VCG mechanism was mostly beneficial for trading outside of peak hours. This work provides a thorough approach that skillfully determines and suggests the best auction procedures for various MG configurations and consumption schedules, opening the door for extra effective P2P energy exchange.