Seal-bid renewable energy certification trading in power system using blockchain technology

Abstract

As the problems of existing fossil fuels are raised, the importance of renewable energy as a substitute energy is getting more emphasized. In order to solve this problem, various attempts have been made to expand the penetration rate of renewable energy based on various monetary support polices under government initiative. Therefore, we analyze the renewable energy certificate, which is a compensation system for renewable energy generation facility, and discuss the rational decision of consumers based on the mathematical perspective. In addition, based on the combination of the second price seal-bid auction and the blockchain technology, the overall system was developed so that the transactions between the market participants could be rationalized and the superior it of the performance was verified by comparing with the existing technology.