Open Access. Powered by Scholars. Published by Universities.®
Social and Behavioral Sciences
Singapore Management University
Articles 1 - 1 of 1
Full-Text Articles in Engineering
Forecasting In Blockchain-Based Local Energy Markets, Michael Kostmann, Wolfgang Karl Hardle
Forecasting In Blockchain-Based Local Energy Markets, Michael Kostmann, Wolfgang Karl Hardle
Sim Kee Boon Institute for Financial Economics
Increasingly volatile and distributed energy production challenges traditional mechanisms to manage grid loads and price energy. Local energy markets (LEMs) may be a response to those challenges as they can balance energy production and consumption locally and may lower energy costs for consumers. Blockchain-based LEMs provide a decentralized market to local energy consumer and prosumers. They implement a market mechanism in the form of a smart contract without the need for a central authority coordinating the market. Recently proposed blockchain-based LEMs use auction designs to match future demand and supply. Thus, such blockchain-based LEMs rely on accurate short-term forecasts of …