Next Article in Journal
The Compound Response Relationship between Hydro-Sedimentary Variations and Dominant Driving Factors: A Case Study of the Huangfuchuan basin
Next Article in Special Issue
Integration of LiFi, BPL, and Fiber Optic Technologies in Smart Grid Backbone Networks: A Proposal for Exploiting the LiFi LED Street Lighting Networks of Power Utilities and Smart Cities
Previous Article in Journal
Low-Carbon Optimization Design for Low-Temperature Granary Roof Insulation in Different Ecological Grain Storage Zones in China
Previous Article in Special Issue
A Distribution Static Synchronous Compensator Application to Mitigate Voltage Variation for Distribution Feeders
 
 
Search for Articles:
Title / Keyword
Author / Affiliation / Email
Journal
Article Type
 
 
Advanced Search
 
Section
Special Issue
Volume
Issue
Number
Page
 
Journals
Sustainability
Volume 15
Issue 18
10.3390/su151813633
sustainability-logo
Submit to this Journal Review for this Journal Propose a Special Issue
► Article Menu

Article Menu

share Share announcement Help format_quote Cite question_answer Discuss in SciProfiles thumb_up
...
Endorse textsms
...
Comment
first_page
settings
Order Article Reprints
Font Type:
Arial Georgia Verdana
Font Size:
Aa Aa Aa
Line Spacing:
Column Width:
Background:
Review

Advancing Sustainable Energy Transition: Blockchain and Peer-to-Peer Energy Trading in India’s Green Revolution

by
Jhanvi Gupta
1,
Sanskar Jain
1,
Suprava Chakraborty
2,*,
Vladimir Panchenko
3,*,
Alexandr Smirnov
4 and
Igor Yudaev
5
1
School of Electrical Engineering, Vellore Institute of Technology, Vellore 632014, Tamil Nadu, India
2
TIFAC-CORE, Vellore Institute of Technology, Vellore 632014, Tamil Nadu, India
3
Department of Theoretical and Applied Mechanics, Russian University of Transport, 127994 Moscow, Russia
4
Department of Agricultural, Federal State Budgetary Scientific Institution, “Federal Scientific Agroengineering Center VIM” (FSAC VIM), 109428 Moscow, Russia
5
Energy Department, Kuban State Agrarian University, 350044 Krasnodar, Russia
*
Authors to whom correspondence should be addressed.
Sustainability 2023, 15(18), 13633; https://0-doi-org.brum.beds.ac.uk/10.3390/su151813633
Submission received: 29 June 2023 / Revised: 26 August 2023 / Accepted: 7 September 2023 / Published: 12 September 2023
(This article belongs to the Special Issue Advanced Research on Smart Grid, Energy Storage and Distribution Systems)
Browse Figures
Versions Notes

Abstract

:
Advancing the sustainable energy transition is a major need in nations that are constantly evolving and developing in terms of their energy economy. India has been chosen for the purpose of analysis due to the heterogenous nature of its polity, topographies, infrastructural capabilities and diverse framework. In accordance with the sustainable development goals proposed by the UN, a metamorphosis is observed within the renewable energy sector of the nation. Blockchain technology that facilitates a transparent transition is incorporated on various upcoming platforms. This is backed up by peer-to-peer trading of energy providing a prosumer with an autonomous environment. The goal of this paper is to highlight the struggles and challenges faced by the energy sector as it takes up unconventional and non-traditional approaches within the country. It also aims to discover potential ways that would help a nation like India facilitate such a transition by studying its ongoing trends. The need is eminent for a practical study that is specific to a developing nation like India in terms of P2P energy trading enabled by blockchain technology to promote the use of open-sourced electricity and achieve a decentralized system.

1. Introduction

In the massive subcontinent of India, there reside 1.42 billion people [1], roughly 17.7 percent of the total world population [2]. Housing such a number of people, a highly efficient system is needed to cater to all their needs. Especially for a country that calls itself a ‘developing nation’, there is a fierce requirement for new and evolved technology that is practical and can be widely employed. India is well-known to have a rich natural reserve of energy-generating ingredients. In the past few decades, these have been utilized by major players of the nation, such as the Adani Group, Tata Power and many more [3], to facilitate power-generating industries. In fact, electricity and power are parts of the heritage of India, serving as the founding grounds for cities such as Jamshedpur or ‘Tatanagar’ [4]. However, these methods are not sustainable in nature. As the law of demand and supply holds, prices increase as the quantity of a commodity decreases. Thus, this would mean electricity costs will progressively increase as time passes, leading to a shortage and more power outages. This is the current scenario of the country: a shortage of 42.5 million tons of coal is already expected for the next quarter, which is 15 percent more than what was anticipated [5]. The nation is on the brink of a power crisis and a need for better methods for power generation is vital for the country’s growth.
Here, we can start to explore the world of open trading of electricity and P2P energy sharing, which is explained with the help of Figure 1. Currently, this oligopolistic system enables only a few participants to govern the generation, transmission and distribution of energy in the country. Various DISCOMs (distribution companies) fall under the jurisdiction of the government but with collaboration with private companies. Presently, the states of Uttar Pradesh [6] and Delhi have started projects that use this technology in collaboration with companies such as Tata and Powerledger [7]. These projects will include prosumers who can actually generate and sell solar energy on various platforms, which will ensure a high degree of transparency between the parties. Although there are prevailing policies regarding net-metering in these states, it can be easily misunderstood for P2P energy trading. Thus, Figure 2 explains the difference between the two.
Apart from this, there are some policies that already exist for states in accordance with the P2P energy sharing technology and net-metering. A joint initiative by the Government of India and the respective state governments exists that comprises various objectives and challenges of the state. The ’24 × 7 power for all’ initiative discusses the need for renewable energy and how this can be implemented in that particular state [8]. The price and distribution of electricity are further decided by the two major energy exchanges of the country: The Indian Energy Exchange and The Power Exchange of India [9]. These provide a platform for trading and the physical delivery of electricity to whoever requires it [10]. The IEX (Indian Energy Exchange) plans to set up a physical and virtual layer to enable transactions between the prosumer and the buyer and then further enable them to physically transport the energy between parties [11]. Thus, while these ‘exchanges’ acted as distribution and networks earlier, they will also act as a passive intermediary between two individual parties that deal with small-scale production of electricity.
With such an extensive discussion regarding open-sourced electricity, it is important to know how it offers an advantage as compared to other systems and setups. A simple argument could be the balance of energy producers and consumers in the market. With a decentralized setup, the power would not lie within the hands of a few; there would be no ‘hub’ that can claim sole responsibility for the generation of power. Thus, with a more scattered strategy, energy needs can be decided by those who actually use it. In the event of a foreign attack, such a layout would also pose to be advantageous and prevent damage. In the case of cyberattacks and natural disasters, the risk of data theft and failure of the power grid can be reduced as this system would allow a continuous supply of power due to close proximity between the consumer and prosumer [12,13]. It also ensures a stable coalition between the participating prosumers [14]. These advantages are not yet highlighted when policies are made in this respect; perhaps more impactful and practical research is needed before policymakers turn their heads and consider these factors. Australia, Bangladesh, Canada, Columbia, the USA and many more have already started with their P2P energy sharing schemes [15]. Companies such as Brooklyn Microgrid, Centrica plc, Lumenaza and many more provide a platform for prosumers to sell their generated electricity. These countries focus on renewable energy sources and some even have mandatory laws to implement such a shift. For example, in New York City, the Climate Mobilization Act was passed in 2019. According to this act, a series of laws were passed to reduce greenhouse gas emissions responsible for 67% of the city’s carbon footprint [16].
As the concept of P2P energy trading enabled by blockchain technology is explored, various advantages, disadvantages and challenges come to light. These are to be analyzed and suitable conclusions are to be drawn from them. These key findings would provide a path to integrate renewable energy resources in the energy economy of the country, paving a way for sustainable development.
Although many studies have examined the area of P2P energy trading enabled by blockchain methodology, there is a lack of research on how this can be used to promote sustainable development goals in a developing nation. This research gap limits our understanding of how new and upcoming technologies can play a vital role in India’s Green Revolution. Therefore, this study aims to provide insight regarding the ongoing scenario in the country and seek suitable conclusions based on our discussions.
The introduction of this paper presents a general idea of the centralized structure of the energy sector in the nation. The next section provides an idea about the methodology followed in obtaining the facts and data used for analysis. Section 3 provides brief insight about the ongoing trends, policies and projects in the country. Section 4 provides elaboration about the concept of blockchain technology and its relevance to P2P energy trading; concepts such as smart meters have been discussed here. The next section displays a comparative study on the pros and cons of P2P energy trading. Section 6 discusses various aspects and effects of the proposed technology. Section 7 provides suitable recommendations and conclusions based on the previous sections and the overall study.

2. Methodology

The methodology follows the PRISMA framework as illustrated in Figure 3, providing a structured and transparent process for systematically reviewing and analyzing the integration of blockchain and P2P energy trading in India’s sustainable energy transition. This approach ensures the reliability and validity of the study’s findings, contributing to a comprehensive understanding of the challenges and opportunities associated with this innovative approach within a developing nation context.

2.1. Research Questions

The systematic review is guided by the following primary research questions:
  • What are the key findings from existing studies regarding the impact of P2P energy trading on the integration of renewable energy sources in India?
  • What are the challenges and opportunities associated with the implementation of P2P energy trading in the Indian energy landscape?

2.2. Search Protocol

A comprehensive search protocol was developed to identify pertinent studies related to P2P energy trading and the integration of renewable energy in India. The search was conducted across reputable databases, including IEEE Xplore, ScienceDirect, SpringerLink and Google Scholar. The search strings employed were as follows: (“P2P energy trading” OR “peer-to-peer energy trading” OR “decentralized energy trading”) AND (“renewable energy integration” OR “renewable energy penetration”) AND (“India” OR “Indian energy market”).

2.3. Inclusion and Exclusion Criteria

To ensure the relevance and appropriateness of selected studies, the following inclusion and exclusion criteria were applied:
Inclusion Criteria: In adherence to the inclusion criteria, recent studies published between 2017 and 2023 were considered, with a specific focus on studies related to P2P energy trading and renewable energy integration. An essential criterion was that these studies had to be written in the English language to facilitate comprehensive analysis and understanding. Furthermore, a key emphasis was placed on peer-reviewed studies that encompassed academic theoretical and empirical research, ensuring the scientific validity and integrity of the selected material. The availability of full-text versions was also a crucial factor, enabling a thorough examination of the research content. Relevance to blockchain and peer-to-peer energy trading concepts was also essential, as was the demonstration of a robust and credible research methodology.
Exclusion Criteria: The exclusion criteria aimed to filter out studies that did not align with the review’s focus and objectives. Studies published prior to 2017 were excluded from consideration, as were those that did not directly pertain to the domains of P2P energy trading or renewable energy integration. Grey literature, white papers and information from non-academic sources were not taken into consideration in an effort to maintain scholarly rigor. The availability of full-text versions was paramount for thorough examination, and studies not presented in the English language were excluded to ensure consistent analysis. Furthermore, any studies diverging from the specific field of P2P energy trading or those lacking primary data, such as review papers, opinion articles and editorials, were not included in the selection process.

2.4. Quality Assessment

Selected studies underwent a rigorous quality assessment process. Studies demonstrating robust methodologies, transparent reporting of findings and a clear alignment with the research questions were given precedence in the review.

2.5. Limitations

This systematic review acknowledges the potential limitations inherent in the process. These limitations include the possibility of bias in the selection of literature and the potential for language bias due to the exclusion of non-English publications.

2.6. Conclusion

In alignment with the PRISMA framework, this methodology outlines a well-structured and transparent approach for systematically reviewing and analyzing the integration of blockchain and P2P energy trading within India’s sustainable energy transition. By adhering to this systematic process, the study aims to ensure the credibility and validity of its findings, thereby contributing to a comprehensive understanding of the challenges and opportunities associated with the adoption of innovative approaches in a developing nation’s energy landscape.

3. Indian Scenario and Ongoing Initiatives

India ranks last out of 180 countries in the Environmental Performance Index [17]. According to the Global Status Report of 2022, India is globally at 4th position for total renewable power capacity [18]. The Government of India has planned to set up installation of 175 GW of renewable energy capacities by the end of 2022, which further breaks down as 100 GW from solar energy, 60 GW from wind energy, 10 GW from bio power energy and 5 GW from small hydro power energy [19]. As of now, the country has met nearly half of its target of 175 GW renewable energy capacity and is one of the top three nations leading renewable energy growth. Additionally, it is predicted that while meeting this target it could create 1 million job opportunities for over 30,000 people in the country [20].
More than USD 70 billion have been invested in the past 7 years for renewable energy development in India [21], and more investment is expected. India is considered to be a growing economy and the increasing rate of urbanization as well as per capita income demand more energy consumption as well as generation [21]. A total budget allocation of USD 1026.44 million was reserved for the Ministry of New and Renewable Energy by the Union Government [22,23].
Renewable energy provides an opportunity to reduce carbon emissions, giving us a chance to sustain a better life. In a country like India with a population of 1.39 billion, fossil fuels are likely to be scarce due to their limited amount and their prices would increase in the near future. Thus, it is necessary to adopt eco-friendly policies that are in line with the sustainable development goals of the country.
From Figure 4, we can observe the distribution of energy sources in India in terms of their installed generation capacity in megawatts (MW). The total reserves of coal in India are expected to be 319.02 billion tons. Jharkhand has the most reserves, followed by Odisha and Chhattisgarh [24]. Almost 80% of energy needs are met by mainly three fuels, which are coal, oil and solid biomass [25]. India is the 3rd largest emitter of CO2 around the world [26] despite having less per capita carbon emission if compared with other countries [27]. According to the sustainable development plans of the country, the goal is to increase green energy capacity to 500 GW by 2030 and a target of achieving net zero emissions by 2070 [28,29,30,31].

3.1. Effects on the Economy

There exists a directly proportional relationship between electricity consumption and growth of an economy. Specifically speaking for wealthy and developed nations, it was observed that more consumption of electricity by the developmental institutions led to a higher contribution by them in the GDP (gross domestic product) of the country [31]. This would be a more valid argument for The Organization for Economic Cooperation and Development (OECD) countries that are considered developed, and they already have a solid set of policies in place ensuring that their energy reserves are taken care of [32]. Looking at the provided statistics and reports, this would surely seem like a positive trend, but we need to consider all variables that factor in a country’s actual development. According to a report, the USA ranked first as a country with the highest contribution to the world GDP (gross domestic product) and GDP per capita, while China ranked at second position [33]. These data can be highly misleading while analyzing the actual development of a country and its contribution to the world [34]. Another report depicting the CO2 emissions of various countries ranked the USA and China as first and second, respectively, by their contributions to worldwide GHG emissions [35]. India is a partner of Organization of Economic Cooperation and Development (OECD) but has not been included as a member due to various political factors; it does participate in surveys and policy discussions.
India is the second largest producer of electricity in Asia and achieves this goal by using coal, natural gas, biomass, nuclear power and some other non-conventional resources of power generation [36]. The generation of electricity starts at powerplants/generating stations by generators that make use of coal, wind, natural gas and water to generate electricity. The generated current is further sent to industrial transformers in order to increase voltage frequency and decrease power loss. This electricity is then sent to high-voltage transmission lines that connect various substations. Substations decrease the voltage so that it can reach smaller power lines that connect to local neighborhood distribution networks. Further, pad mount transformers are used to reduce voltage so that the power is safe to be used in households. These distribution lines are passed through household meters to record the usage of electricity. Thus, power generation is centralized at high-capacity plants and households rely on them for their power supply. However, this layout does not seem to be feasible for the future of the country. This can be understood easily by Figure 5.
Seeing the trend in growth of India’s GDP (gross domestic product), it is now expected to grow at 7.1 percent in 2023–2024 [38]. Although this seems like a positive outcome of the prevailing policies, it is difficult to determine whether it directly benefits its citizens. The country ranks at 131 out of 189 countries on the Human Development Index presented by the UNDP (United Nations Development Program) in 2020 [39], 75 percent of the total electricity generated comes from the ministry of coal and thermal power [40] and other non-conventional resources, such as solar power, only account for 4 percent of the total energy produced. Such is the current state of the country and the government has recognized this as an issue.
India now aims to reach 450 GW of renewable power generating capacity by 2030 [41]. It is also the only country in the G20 league of nations that is on the path to achieve its targets under the Paris Agreement [42].
There are various schemes:
  • Rent-a-roof policy—This policy was aligned with the sustainable development goals of the country with an ambition to generate 100 GW of clean energy by rooftop solar panels. Under this policy, developers are held responsible for installing panels and then leasing them to households. The generated power is to be supplied to the grid and a general scenario of net-metering will be observed [43].
  • The Union Government allocated funds of INR 19,500 (USD 237.804 million) for the development of high-efficiency solar modules in the country [44].

3.2. Indian Energy Exchanges

Power exchanges provide a platform to buy/sell power where the underlying asset is electricity. The exchange-based power trading is regulated by the Central Electricity Regulatory Commission (CERC). An exchange represents a market-driven economy where prices of electricity are decided by the forces of demand and supply.
The Indian Energy Exchange (IEX) is an electronic-based power trading platform regulated by the Central Electricity Regulatory Commission. It serves as a nationwide forum for the physical delivery of electricity, renewables and certificates in their innovative strategy for the future. IEX plans to make use of P2P energy trading technology to bridge the gap between green energy and its active investors. Their further plans are discussed in the upcoming sections of this paper. Another prominent energy exchange, Power Exchange India Limited (PXIL), works exactly like IEX in principle. It boasts itself as India’s first institutionally promoted power exchange. Apart from power trading, PXIL is also used for transmission clearance. This exchange also provides Renewable Energy Certificates [45]. Currently, it deals with 3925 active clients and has served 2.8 million MWh of power to date. Its mission is to increase transparency and to make transaction speed high by optimal utilization of local and global insights. This ensures constant growth and evolution, which is absolutely vital for a major institution of India such as the PXIL. It has also been backed by the National Stock Exchange (through its subsidiary NSICL) and National Commodity and Derivates Exchange Ltd. (NCDEX), India [45].

3.3. Initiatives by the Government of India

The UPPCL, Madhyanchal Vidyut Vitran Nigam Limited (MVVNL) and Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) have launched a project involving blockchain technology for energy sharing in Lucknow. This energy is mainly generated by installing rooftop solar panels [46]. The government has waived the per KW transaction fee and meter per day fee. Such projects are supported and funded by the Government of India and encouraged by the Indian Smart Grid Forum (ISGF) [47]. This has proven to be a success in Lucknow and has led the Uttar Pradesh Electricity Regulatory Commission (UPERC) to create a tariff order directing that all utilities in the state make provisions for P2P trading. This makes UP (Uttar Pradesh) the first state in India to adopt such a policy on blockchain-enabled solar power trading [48]. This would enable prosumers with a better understanding of their energy needs and make them conscious towards wastage and excessive use of electricity [49]. It is also the only state that has amended its regulatory framework to enable controlled P2P energy trading in the country [50]. Blockchain-based platform Powerledger has recorded transactions and the data show that, after implementation of this technology, it has led to a 43% lower buy price than that of the usual retail tariff. Moreover, in 2022, the World Summit Awards (WSA) recognized Powerledger as the winner in the Environment and Green Energy category for the UP project. They have successfully shown how this P2P model can support societal challenges and can help in achieving United Nations Sustainability Development Goals [51].
BSES Rajdhani Power Limited in collaboration with Powerledger has proposed a trial for solar power trading in Dwarka, Delhi. This trial would focus on demonstrating that P2P solar trading can be successfully undertaken in populous metropolitan cities. It became the first DISCOM in India to introduce a blockchain-technology-based platform to trade electricity [52]. The pilot project will include selected groups of gated communities (CGHS) in the region that have the capacity to generate 5–6 MW of solar power. They can further use this platform to trade power with willing consumers residing in adjacent buildings and in the neighborhood. The energy-generating bodies, i.e., the prosumers, can sell electricity at their own price. The consumers can buy it at their own liberty as per the requirement and benefit from this cheaper and cleaner electricity [53]. BRPL (BSES Rajdhani Power Limited) also benefits by this P2P project as they do not have to buy solar energy to export it to grid; rather, they can gain their revenue by charging a transaction fee and formulate an engaged relationship with the consumer base in this blockchain-based platform [54]. Therefore, this project shows that a blockchain-based platform can be a good way to trade electricity with many benefits and can also be considered for virtual net metering, EV charging and many more applications.
Various policies have also been introduced:
  • 24 × 7 Power for all: A joint initiative by the central government and state governments of India aims to provide 24 × 7 power supply and “connect the unconnected” that remain detached from the grid [55]. The roadmap document to achieve these goals has been signed by all 29 states and all Union Territories of the country [56].
  • Green Energy Open Access Rules: An additional significant change to support renewable energy through Green Energy Open Access, which enables consumers in commercial and industrial sectors to go green. Consumers can specifically request DISCOMs to supply them with energy produced by non-conventional resources. [57]. The Open Access transaction limit has been reduced from 1 MW to 100 kW for green energy.
  • Integrated Energy Policy: An Integrated Energy Policy (IEP) created by the Government of India was formulated in 2014 addressing all. The Ministry of New and Renewable Energy (MNRE) created a plan to introduce around 30,000 MW of major energy sources, including non-conventional resources. During the 12th Plan period (2012–2017) [58], a long-term objective of adding 20,000 MW of grid-connected solar power by 2022 was established.
  • A roadmap is to be created for optimal utilization of common infrastructure and development of solar parks. This would lower costs in addition to other fiscal reliefs offered by this policy.

3.4. Initiatives by the Private Sector

An initiative was created by Tata Power in collaboration with The Indian Smart Grid Forum (ISGF) and an Australian company called Powerledger. With an effort to introduce the concept of P2P energy sharing in the Indian market, this Ethereum-based platform provides a basis for efficient transactions between the prosumers and consumers. This project, consisting of 150 m, includes the Tata Power Delhi Distribution Limited locations and also their customers with solar generating assets. The main motto is to decentralize the energy market and provide economic and monetary benefits to the participants. This will encourage India’s rapid adoption of renewable energy powered by Powerledger and (ISGF) [58]. Such a platform enables prosumers to set their own prices according to the units of electricity they can spare. It ensures a high level of transparency as participants can track the transaction process in real time. Such a need for independent-energy-producing units is a must in a country with a high population density. The project focuses on the TPDDL (Tata Power Delhi Distribution Limited) grid as a whole while also providing energy to EV charging stations and battery energy storage systems [59]. This would enable their development, help in increasing their usage and promote green energy.
The project is also aligned with international/national initiatives. National Strategy on Blockchain by Ministry of Electronics and Information Technology (MEITy) is a P2P-based project that will be revolutionary in the Indian market as it would directly enable the citizens to figure out their own energy needs. With the country on the brink of a power crisis, it is important that the people of the nation become increasingly aware of the concepts of power generation and make their own respective contributions [60]. This technology will pave the way for the future generations to be more involved in the energy sector. Electricity is a vital ‘resource’ in today’s world; it is like blood in the veins of our developmental infrastructure [61]. To grow as a nation, it is extremely important that this is abundant and easily accessible [62].

4. P2P Enabled by Blockchain

A reliable P2P energy trading platform may be established using blockchain due to its decentralized and transparent nature, which links consumers and prosumers, promoting the use of renewable energy sources. Prosumers can directly sell excess energy to nearby consumers, encouraging the growth of decentralized clean energy generation and contributing to India’s sustainability goals. By eliminating intermediaries, such as utilities and energy companies, the P2P trading process becomes more efficient, cost-effective and transparent [63]. The implementation of smart contracts further enhances automation and trust in the trading process [64]. Figure 6 illustrates the P2P energy trading process on a blockchain-based platform. Prosumers create “asks” to offer their surplus energy, while consumers place “bids” to purchase the energy. The blockchain’s decentralized and immutable nature ensures secure and trustworthy transactions by permanently recording the matches between “asks” and “bids.”
Several pilot projects and demonstrations were conducted to test the feasibility and viability of P2P energy trading in different parts of the country. These projects aimed to empower consumers to directly buy and sell excess energy to their neighbors, potentially reducing transmission losses and promoting the use of renewable sources. However, the adoption of P2P energy trading on a larger scale in India depended on various factors, including regulatory frameworks, technical infrastructure, consumer awareness and the involvement of utilities. The energy sector in India is complex and heavily regulated, which could impact the pace of implementation of new energy trading models. These have been discussed in previous sections extensively.
The relationship between peer-to-peer (P2P) trading and blockchain technology is symbiotic as blockchain enables a decentralized and provides a secure network facilitating direct energy trade between participants without intermediaries [65]. Smart contracts play a pivotal role in automating transactions, managing pricing, settlement and billing, ensuring trust and efficiency in the trading process. However, there are some challenges, which include scalability, interoperability with existing energy infrastructure, regulatory compliance, initial setup costs and data privacy [66]. Within the framework of blockchain-enabled P2P energy trading, we can consider to integrate automated power trading algorithms. These algorithms can significantly enhance the efficiency and accuracy of energy transactions by automating real-time pricing adjustments and optimizing energy allocation. By integrating such algorithms into the blockchain platform, participants can have seamless and autonomous trading interactions [67]. For example, if a prosumer wants to sell extra energy produced by solar panels to customers, the automated power trading algorithm would access the current energy demand in the local area and set prices accordingly as programmed. Consumers looking to buy energy would have their preferences and price constraints programmed into the algorithm, and, when these preferences match with the prosumer’s offerings, a trade is automatically executed with better efficiency, optimizing trading and reducing intermediaries. Moreover, discussing the advantages and potential dangers that arise from automated power trading is essential. The advantages include improved market efficiency and responsiveness as automated algorithms can quickly adjust prices based on real-time demand and supply conditions, leading to better resource allocation and facilitating the adoption of renewable energy sources for a more sustainable future [67].
Incorporating smart meters into the P2P energy trading ecosystem offers several benefits, like enabling real-time monitoring of energy consumption, accurate billing and transparent data exchange between consumers and prosumers [68], allowing consumers to make informed decisions about their energy usage, aligning it with renewable energy availability, while prosumers receive fair compensation. The transparent data exchange enhances trust among participants, fostering cooperation and contributing to a more sustainable energy landscape. Overall, these advancements in blockchain-based P2P energy trading can empower individuals and communities to actively shape a greener and more resilient energy future in India’s Green Revolution. Figure 7 outlines the fundamental steps in the blockchain processing flow, showcasing how transactions are initiated, validated and added to the blockchain through consensus mechanisms, ultimately leading to an updated and consistent distributed ledger across the network.
In this paper, blockchain’s resistance to modification stems from its immutability. As illustrated in Figure 7, once a block is added to the chain, any change to its data alters its cryptographic hash, making tampering evident. The decentralized nature and consensus mechanisms ensure security as controlling the majority of the network is impractical [61]. This immutability ensures the reliability and transparency of the blockchain, making it ideal for various applications [63].

5. Advantages, Disadvantages and Challenges of P2P Energy Trading

In our previous discussions, the system and setups of open-sourced electricity have been elaborated. They are mainly in accordance with the needs and the infrastructural capacity of the country. However, it is also important to highlight what advantages and disadvantages this technology offers over other conventional as well as non-conventional systems.

5.1. Advantages of Peer-to-Peer Energy Trading for Decentralized Electricity Systems

P2P energy trading falls in an entirely new sector of “energy sharing”; we cannot solely classify it as an energy-generating or transmitting technique. With a developing economy, the country needs certain things to be easily available in order to grow. Viewing electricity as a commodity is the first step to take. As we see in the two energy exchanges, a product that can be mass-produced with cost-efficient means can maximize profit for both the parties [69]. Many countries have adopted policies to incorporate consumer-friendly techniques for the benefit of their nation and to battle climate change. Various other benefits have been highlighted as follows:
  • Reduces the peak and minimizes various power losses faced by the network.
  • Demand can be shifted to various other participating renewable energy sources (RES) and a single institution is not burdened by load.
  • Ensures grid stability as the entire network cannot be broken down by the failure of one supplier.
  • Such a decentralized model proves to be an advantage in the event of a natural calamity as harm is not imposed upon the entire network in case some of them are subjected to an unfortunate circumstance. Similarly, leakage of data can be prevented if a cyberattack occurs to disrupt the convention.
  • Apart from lower costs per unit of energy, generating power on a small scale can be a source of passive income for prosumers [70].
  • P2P trading empowers energy democratization and resilience, enabling active participation and self-sufficiency [71]. In addition, P2P addresses energy poverty by providing accessible and affordable electricity to remote regions regardless of the presence of excess energy [72].

5.2. Disadvantages and Challenges in Implementing P2P Energy Sharing for Decentralized Electricity Systems

India is one of the few countries that has witnessed massive growth in all major sectors that constitute and run a nation. Speaking from an economic point of view, the GDP of the country has been on a constant rise since the Economic Depression of 2008–2009 [73], where there was a decrease of more than 2 percentage points. A comeback was made after the Government and the Reserve Bank of India took drastic measures. The country also improved the general life and well-being of its citizens by ensuring easy access of basic amenities to all [74].
Since 2000, around half a billion people are now connected to the grid and have access to electricity. As announced in 2018 by the Indian Prime Minister, the country has achieved its target ahead of schedule and now provides electricity to all villages [75]. This is undoubtedly an extraordinary feat that makes a mark in the history of power and energy. People in rural areas of the country have shifted from unsustainable kerosene lamps and candles to light bulbs. This in turn would help in reducing costs for buying oil to run lamps, which would reduce the costs of an average rural household by 11.2 percent. This would amount to a total of USD 69 billion savings on lighting alone [76]. However, even after connecting every village to the grid, the country still faces an emergency.
With the centralized main grid being highly relied upon, most rural and even urban areas face constant power outages. Despite all this progress, a large number of people still remain poor and with glow-less bulbs. Even with the present scenario of power generation in the country, 80 percent is obtained from unsustainable resources like coal and natural gas. This leads to highly detrimental impacts on the environment, contributing to global CO2 emissions and global warming. As demonstrated in our earlier discussions, India ranks highly for producing GHG gasses and, in contrast, ranks extremely low on the Human Development Index [77]. So, even if it can be rightfully argued that the majority of the population is now connected to the grid, it does not directly benefit or ensure the well-being of the people.
There is a need for a system of energy generation that is convenient and can be a passive part of people’s lives. Such a method is conceptualized by P2P energy sharing where local energy producers are average households and electricity is viewed as a commodity. However, certain challenges arise while we try to implement this model:
  • Considerable amount of energy would have to be produced by individual households, and setting up of such capacities requires a stable fiscal income.
  • As of now, the most popular non-conventional energy-producing sources are solar panels. These are costly to set up and are high-maintenance. Such a setup might not be economically feasible for the average Indian household [78].
  • Solar energy generation requires a considerable number of sunny days, but some countries have successfully harnessed solar energy even with fewer sunny days, enabling significant electricity generation potential [79].
  • People are highly unaware of this new technology and miss out on the benefits it has to offer. If they are oblivious about its existence, they cannot make use of it.
  • Challenging the traditional grid system would mean going against prevalent norms—legal and social.
Although it offers massive potential, many reforms are needed before open-source electricity can be conveniently traded.

6. Discussion

In this section, we will discuss the findings of our review study on open-source electricity trading and provide a comprehensive analysis. Our review shows many positive aspects of open-source electricity trading. The proposed framework successfully leverages the power of these technologies to enable decentralized energy trading, empowering individual consumers and promoting energy democracy. By allowing consumers to directly participate in energy markets, it has the potential to increase transparency, reduce costs and streamline the grid integration of renewable energy sources.
Many policies and decisions made by the government aim at expanding renewable energy capacities and making it the major source of power in the country.
The sector of renewable energy is vast and highly unexplored. When we talk about this market, the first thing that comes to mind is the various sources of this green energy. Major research in our country is also aimed solely at extraction and exploration of these non-conventional resources. In this new era, we have to move forward with our research and try to explore ways to actually put these resources to practical use.
Open-sourced electricity, in layman terms, refers to power generated by a prosumer using their own means. This power would be sufficient for their own use and the surplus can be supplied to the grid in exchange for money. In such a market, electricity can be viewed as a commodity that can be produced on a vast scale. Employing all major rooftops using solar panels and then eventually accommodating even the households of the nation, the country can be transformed into an “electricity farm” where each household is responsible for their own energy needs. This concept can surely work wonders in a utopian society where the general politics and complexities of our world do not exist. However, even so, for the sake of intellectual argument, we can try to hypothesize this for our world.
In a country like India, the demographics usually play to the disadvantage of the people. According to a report, 86.8 million people in the country live in poverty (BPL) [80]. The country has a very poor standing according to the HDI (Human Development Index), and large rural parts live in the absence of modern technology. Some villages even live absolutely depreciated of electricity. Of all the villages that are accounted for by the Government of India, 4 percent have no access to power [81]. These people who are completely unaware of the concept of an ‘electrical-grid’ live backward lives and are not subjects of growth. Even after various schemes by the government, such as USHA (Urban Statistics for HR and Assessments) and Rajiv Awas Yojana, these villages live in a shadow of poverty [82]. Even if we talk about villages that have access to power, they live their lives largely powered by government subsidies for their various basic needs. Largely talking about the population that falls under the employment of the primary sector, residing in villages and farms, the Government of India offers support in the form of subsidies for food, fertilizers, LPG (liquefied petroleum gas) and many more basic commodities [83]. Even the electricity received by most households is subsidized and one can ask for it if they are financially troubled [84]. If we implement P2P energy trading on a wide scale in the nation, the government can focus on supporting rural areas better. The problem regarding scarcity of electricity can be dealt with when consumers become prosumers and can fulfill their own energy needs. Thus, for the sake of all sectors of society, P2P trading of energy and other revolutions in the energy sector are vital.
Our study also reveals certain limitations and challenges related with open-source electricity trading. Firstly, the implementation of such a system requires significant technological infrastructure. It is essential to ensure careful coordination and collaboration to achieve interoperability and compatibility among multiple parties and platforms. Moreover, while open-source electricity trading holds great potential, it is important to encourage widespread adoption and active participation. The trust of consumers and prosumers are crucial factors that can impact the scalability and effectiveness of P2P trading.
The goal is to establish a system where the participants can decide their own power needs and manage them accordingly. This is to optimize consumption costs and maximize revenue. The IEX has an extensive plan to establish a virtual and physical layer wherein the prosumer and consumer can customize their plans according to their needs [85]. The virtual layer would take care of settling the financial matters between the buying and selling parties as they carry out the necessary transactions. It ensures an equal platform between all the participants where information can be exchanged between participants. Consumers can customize their own plans and mention specific requirements. On the other hand, prosumers can mention their power-generation capacity and what they can offer. Once a prosumer matches with a consumer, they can contact each other and finalize a deal. This layer securely takes care of the monetary aspect of the deal as well [85].
Upon the completion of this step, the physical layer would provide the structural framework in the forms of traditional grids or separate physical micro-grids. These may be managed by independent system operators or DISCOMs. With both these layers, a P2P energy trading market can be set up with IEX as the regulating party. This would help in development of the renewable energy and provide various other benefits for the DISCOMs as well as the prosumer [85]. PXIL has also played a crucial role in transforming the power market of the country. From the start, their aim has been to provide a developed technology solution to meet the growing needs of its participants. Their major contributions include:
  • “Make in India” trading system—PXIL has developed an IT-based trading platform that has evolved over the years and has proved successful. It has high scalability and can efficiently incorporate new products and services. It also ensures minimum time to execute trade as compared to its various counterparts.
  • MILP-based matching engine—The Mixed Integer Linear Programming (MILP) engine is a uniform clearing price-matching model developed by IIT Bombay. This engine determines optimal matches between power suppliers and the market demand.
PXIL has membership from all prominent trading licenses; they contribute nearly 95% of their total volume. It plays a crucial role in monetizing sustainably led activities by providing the prosumer with REC and energy-saving certificates. The exchange is currently working on developing other market mechanisms and contracts while continuing to consider the health of the environment [86].

Key Findings from Analysis

The discussion offers insight about the current situation of the country. The key findings from this analysis are listed below:
  • The synthesis of multiple studies showcases a growing body of evidence that highlights the potential positive impact of P2P energy trading in facilitating the seamless integration of renewable energy sources within the energy mix.
  • These studies demonstrate how P2P energy trading platforms can support the effective distribution of locally produced renewable energy, supporting a more decentralized and sustainable energy infrastructure.
  • This dynamic approach, as evidenced by the reviewed studies, can lead to reduced strain on the grid, enhanced grid stability and overall reduction in carbon emissions, aligning with the goals of sustainable energy transition.
  • With the ongoing initiatives in the country, the government possesses the capacity to bring about considerable change. New and upcoming technologies should be employed in order to evolve.
Thus, with these findings established, a conclusion is drawn. The following section also offers the results of our analysis and recommendations for integration and improvements.

7. Conclusions and Recommendations

The paper presents several recommendations, which include enhancing data privacy and security, increasing user awareness and understanding of open-source electricity trading platforms and encouraging consumer participation. It suggests promoting research and development in this field, particularly exploring artificial intelligence (AI) and machine learning (ML) techniques that can be applied for market forecasting and many other things. Additionally, smart contract technologies can be implemented and also AI can be used for grid optimization, which can improve efficiency and reliability. Developing infrastructure for open-source electricity trading and encouraging startups and innovation are also crucial aspects that need to be considered. TroonDx [87], Nimray Solar [88], Cygni [89] and Edgegrid [90] are some examples of startups that promote and develop P2P energy trading technologies. Furthermore, pilot projects and demonstrations can be carried out in various cities that will be providing valuable insights to further refine and validate the effectiveness of this technology [91,92].
India is a powerhouse of growth and development. It has been the first to do things that the world could barely even wrap its head around. Setting an example and formulating creative policies for the benefit of the nation, it is still ‘developing’ and surely has a long way to go. A reform in the power sector is absolutely necessary in order to ensure this growth [93]. As stated earlier, electricity is like the blood in the veins of our developmental infrastructure; hence, it should be free-flowing and abundant for the proper functioning of our national body. The following points capture the essence of our paper:
  • Open-sourced electricity is the next evolved form that the traditional convention morphs into. It refers to clean energy that can be easily accessed through a decentralized grid network [94].
  • With the use of prevalent power-related major institutions, a shift can be brought about in terms of accessing clean energy. This will also be supported by new companies that solely work on peer-to-peer energy trading and simplifying the grid.
  • Various experimental projects set up in different parts of the country have been successful in carrying out P2P energy trading. This paper brings them together for a cumulative impact in favor of promoting this technology.
  • Coal and other unsustainable resources still dominate the power-generating sector of the country. It is vital that this trend changes as it directly affects the national economy. By taking the example of various other countries, it can be concluded that a successful shift is possible. Statistics show a growth in the GDP of the country, but real development can only occur when the citizens directly benefit from the ongoing policies [95].
  • Various policies have been introduced by the Government of India in an effort to promote clean energy. Most of the set targets have been met, but there is still a need for major changes in order to ensure actual growth.
  • The advantages of P2P energy sharing and clean energy have been extensively highlighted in an effort to support them. Blockchain technology serves as the means to carry out such a trading platform.
In conclusion, an extensive amount of work is needed and the infrastructural capabilities of the country need to be improved in order to implement P2P energy trading enabled by blockchain technology. This will, hence, prove to be a vital step in India’s Green Revolution.

Author Contributions

Conceptualization, J.G. and S.J.; methodology, S.C.; validation, J.G., S.J. and S.C.; formal analysis, J.G.; investigation, J.G., S.J. and S.C.; resources, S.C.; data curation, V.P., A.S. and I.Y.; writing—original draft preparation, J.G., S.J. and S.C.; writing—review and editing, S.C. and I.Y.; visualization, V.P. and I.Y.; supervision, S.C., V.P. and I.Y.; project administration, V.P., A.S. and I.Y. All authors have read and agreed to the published version of the manuscript.

Funding

The research has not received any external funding.

Informed Consent Statement

Not applicable.

Acknowledgments

The authors would like to acknowledge Vellore Institute of Technology (VIT), Vellore for research support. Author 1 and Author 2 contributed equally to this work.

Conflicts of Interest

The authors declare no conflict of interest.

References

  1. India Population 2023 (Live). Available online: https://worldpopulationreview.com/countries/india-population (accessed on 5 March 2023).
  2. India Population (2023)—Worldometer. Available online: https://www.worldometers.info/world-population/india-population/ (accessed on 5 March 2023).
  3. Sawhney, A. Striving towards a Circular Economy: Climate Policy and Renewable Energy in India. Clean Technol. Environ. Policy 2021, 23, 491–499. [Google Scholar] [CrossRef]
  4. Socio-Economic View on Street Vendors: A Study of a Daily Market at Jamshedpur. Available online: https://www.researchgate.net/publication/329773186_Socio-Economic_View_on_Street_Vendors_A_Study_of_a_Daily_Market_at_Jamshedpur (accessed on 9 March 2023).
  5. Worrall, L.; Whitley, S. India’s Stranded Assets: How Government Interventions Are Propping up Coal Power. Available online: https://odi.org/en/publications/indias-stranded-assets-how-government-interventions-are-propping-up-coal-power/ (accessed on 10 March 2023).
  6. Suthar, S.; Cherukuri, S.H.C.; Pindoriya, N.M. Peer-to-Peer Energy Trading in Smart Grid: Frameworks, Implementation Methodologies, and Demonstration Projects. Electr. Power Syst. Res. 2023, 214, 108907. [Google Scholar] [CrossRef]
  7. Jhajhriya, S.; Sharma, S. Peer-to-Peer Energy Trading: A Review and Indian Scenario. In Proceedings of the 2022 IEEE Delhi Section Conference (DELCON), New Delhi, India, 11–13 February 2022; IEEE: Piscataway, NJ, USA, 2022. [Google Scholar]
  8. Government of India-Ministry of Power. Available online: https://powermin.gov.in/en (accessed on 12 March 2023).
  9. Ahmad, F.; Alam, M.S. Assessment of Power Exchange Based Electricity Market in India. Energy Strat. Rev. 2019, 23, 163–177. [Google Scholar] [CrossRef]
  10. Raj, A.; Gupta, U.; Tiwari, P.; Singh, A.K. Market Power Analysis of the Indian Power Market. Int. J. Eng. Sci. Technol. B Lagos 2021, 13, 39–47. [Google Scholar] [CrossRef]
  11. Available online: https://www.iexindia.com/pdf/IEX_Innovations_Energy_July_Septermber_2020.pdf (accessed on 15 March 2023).
  12. Mengelkamp, E.; Notheisen, B.; Beer, C.; Dauer, D.; Weinhardt, C. A Blockchain-Based Smart Grid: Towards Sustainable Local Energy Markets. Comput. Sci. 2018, 33, 207–214. [Google Scholar] [CrossRef]
  13. Zhang, C.; Wu, J.; Zhou, Y.; Cheng, M.; Long, C. Peer-to-Peer Energy Trading in a Microgrid. Appl. Energy 2018, 220, 1–12. [Google Scholar] [CrossRef]
  14. Tushar, W.; Saha, T.K.; Yuen, C.; Morstyn, T.; McCulloch, M.D.; Poor, H.V.; Wood, K.L. A Motivational Game-Theoretic Approach for Peer-to-Peer Energy Trading in the Smart Grid. Appl. Energy 2019, 243, 10–20. [Google Scholar] [CrossRef]
  15. Ableitner, L.; Tiefenbeck, V.; Meeuw, A.; Wörner, A.; Fleisch, E.; Wortmann, F. User Behavior in a Real-World Peer-to-Peer Electricity Market. Appl. Energy 2020, 270, 115061. [Google Scholar] [CrossRef]
  16. Weinberger, R.; Seaman, M.; Johnson, C. Residential Off-Street Parking Impacts on Car Ownership, Vehicle Miles Traveled, and Related Carbon Emissions: New York City Case Study. Transp. Res. Rec. 2009, 2118, 24–30. [Google Scholar] [CrossRef]
  17. Bhandari, M.P. Environmental Performance and Vulnerability to Climate Change: A Case Study of India, Nepal, Bangladesh and Pakistan. In Climate Change Management; Springer: Berlin/Heidelberg, Germany, 2013; pp. 149–167. ISBN 9783642311093. [Google Scholar]
  18. Adib, R.; Zervos, A.; Eckhart, M.; Hales Kirsty, D.; Peter, H.; Zervos, R.A. Ren 21. Available online: https://www.ren21.net/wp-content/uploads/2019/05/GSR2022_Full_Report.pdf (accessed on 21 March 2023).
  19. Available online: https://www.nrel.gov/docs/fy17osti/68745.pdf (accessed on 22 March 2023).
  20. Bhatnagar, S.; Sharma, D. Green Investment in Renewable Energy Projects: A Path to Cleaner Revival in Post-Pandemic India. Vis. J. Bus. Perspect. 2022, 097226292211320. [Google Scholar] [CrossRef]
  21. Ranjan Srivastava, A.; Khan, M.; Khan, F.Y.; Bajpai, S. Role of Renewable Energy in Indian Economy. IOP Conf. Ser. Mater. Sci. Eng. 2018, 404, 012046. [Google Scholar] [CrossRef]
  22. Ministry of Minority Affairs. Available online: https://www.indiabudget.gov.in/doc/eb/sbe70.pdf (accessed on 26 March 2023).
  23. National Power Portal National Power Portal. Available online: https://npp.gov.in/dashBoard/cp-map-dashboard (accessed on 27 March 2023).
  24. Li, B.; Haneklaus, N. The Potential of India’s Net-Zero Carbon Emissions: Analyzing the Effect of Clean Energy, Coal, Urbanization, and Trade Openness. Energy Rep. 2022, 8, 724–733. [Google Scholar] [CrossRef]
  25. Lin, B.; Zhu, R.; Raza, M.Y. Fuel Substitution and Environmental Sustainability in India: Perspectives of Technical Progress. Energy 2022, 261, 125309. [Google Scholar] [CrossRef]
  26. Andrew, R.M. Timely Estimates of India’s Annual and Monthly Fossil CO2 Emissions. Earth Syst. Sci. Data 2020, 12, 2411–2421. [Google Scholar] [CrossRef]
  27. Haldar, S.; Sharma, G. Impact of Urbanization on per Capita Energy Use and Emissions in India. Int. J. Energy Sect. Manag. 2022, 16, 191–207. [Google Scholar] [CrossRef]
  28. Singh, V. Analysing India’s Capability of Fulfilling Its Netzero 2070 Commitment Depending on the GHG Emission Rate of 5 Indian States. SSRN Electron. J. 2022. [Google Scholar] [CrossRef]
  29. Garg, A. Accelerating Finance to Help India Achieve Its Renewable Energy Goal. SSRN Electron. J. 2022. [Google Scholar] [CrossRef]
  30. Kumar, J.C.R.; Majid, M.A. Renewable Energy for Sustainable Development in India: Current Status, Future Prospects, Challenges, Employment, and Investment Opportunities. Energy Sustain. Soc. 2020, 10, 2. [Google Scholar] [CrossRef]
  31. Koščak Kolin, S.; Karasalihović Sedlar, D.; Kurevija, T. Relationship between Electricity and Economic Growth for Long-Term Periods: New Possibilities for Energy Prediction. Energy 2021, 228, 120539. [Google Scholar] [CrossRef]
  32. Gozgor, G.; Lau, C.K.M.; Lu, Z. Energy Consumption and Economic Growth: New Evidence from the OECD Countries. Energy 2018, 153, 27–34. [Google Scholar] [CrossRef]
  33. Agudze, K.M.; Olarewaju, F. The Growth Impact of Trade Openness: A Comparative Analysis of the USA and China. J. Int. Trade Econ. Dev. 2022, 31, 23–45. [Google Scholar] [CrossRef]
  34. Shahbaz, M.; Bashir, M.F.; Bashir, M.A.; Shahzad, L. A Bibliometric Analysis and Systematic Literature Review of Tourism-Environmental Degradation Nexus. Environ. Sci. Pollut. Res. Int. 2021, 28, 58241–58257. [Google Scholar] [CrossRef] [PubMed]
  35. Ivanovski, K.; Hailemariam, A.; Smyth, R. The Effect of Renewable and Non-Renewable Energy Consumption on Economic Growth: Non-Parametric Evidence. J. Clean. Prod. 2021, 286, 124956. [Google Scholar] [CrossRef]
  36. Zhou, A.; Thomson, E. The Development of Biofuels in Asia. Appl. Energy 2009, 86, S11–S20. [Google Scholar] [CrossRef]
  37. Halder, T. The Cross Border Power Trading for Humanity & Friendship. In Proceedings of the 2016 IEEE 7th Power India International Conference (PIICON), Bikaner, India, 25–27 November 2016; IEEE: Piscataway, NJ, USA, 2016. [Google Scholar]
  38. Professor, R.K.P. Performance of Indian Economy in COVID-19 Eon: An Inferential Study. Available online: https://ijrar.org/papers/IJRAR22B1128.pdf (accessed on 5 April 2023).
  39. India Ranks 132 on the Human Development Index as Global Development Stalls. Available online: https://www.undp.org/india/press-releases/india-ranks-132-human-development-index-global-development-stalls (accessed on 5 April 2023).
  40. Asokan, P.; Saxena, M.; Asolekar, S.R. Coal Combustion Residues—Environmental Implications and Recycling Potentials. Resour. Conserv. Recycl. 2005, 43, 239–262. [Google Scholar] [CrossRef]
  41. Lal S R, S.; Herbert G M, J.; Arjunan, P.; Suryan, A. Advancements in Renewable Energy Transition in India: A Review. Energy Sources Recovery Util. Environ. Eff. 2022, 1–31. [Google Scholar] [CrossRef]
  42. Pulicherla, K.K.; Adapa, V.; Ghosh, M.; Ingle, P. Current Efforts on Sustainable Green Growth in the Manufacturing Sector to Complement “Make in India” for Making “Self-Reliant India”. Environ. Res. 2022, 206, 112263. [Google Scholar] [CrossRef]
  43. Rathore, P.K.S.; Chauhan, D.S.; Singh, R.P. Decentralized Solar Rooftop Photovoltaic in India: On the Path of Sustainable Energy Security. Renew. Energy 2019, 131, 297–307. [Google Scholar] [CrossRef]
  44. Jamshedpur Research Review. Available online: http://jamshedpurresearchreview.com/wp-content/uploads/2022/07/Jamshedpur-Research-Review-Year-10-Volume-4-Issue-53-July-August-2022.pdf#page=65 (accessed on 10 April 2023).
  45. Saroha, S.; Gupta, V.S.; Shekher, V. Role and Responsibilities of Power Exchange in Electricity Markets. Available online: https://www.ijedr.org/papers/IJEDR1601008.pdf (accessed on 12 April 2023).
  46. Ben Abdeljawed, H.; Amraoui, L.E. Prospects for Synergies between Low-Voltage DC Microgrid Technology and Peer-to-Peer Energy Trading Markets. Sustain. Prod. Consum. 2021, 28, 1286–1296. [Google Scholar] [CrossRef]
  47. Plaza, C.; Gil, J.; de Chezelles, F.; Strang, K.A. Distributed Solar Self-Consumption and Blockchain Solar Energy Exchanges on the Public Grid within an Energy Community. In Proceedings of the 2018 IEEE International Conference on Environment and Electrical Engineering and 2018 IEEE Industrial and Commercial Power Systems Europe (EEEIC/I&CPS Europe), Palermo, Italy, 12–15 June 2018; IEEE: Piscataway, NJ, USA, 2018. [Google Scholar]
  48. Bhattacharya, S.C.; Jana, C. Renewable Energy in India: Historical Developments and Prospects. Energy 2009, 34, 981–991. [Google Scholar] [CrossRef]
  49. Aleluia, J.; Tharakan, P.; Chikkatur, A.P.; Shrimali, G.; Chen, X. Accelerating a Clean Energy Transition in Southeast Asia: Role of Governments and Public Policy. Renew. Sustain. Energy Rev. 2022, 159, 112226. [Google Scholar] [CrossRef]
  50. Hassani, H.; Huang, X.; MacFeely, S.; Entezarian, M.R. Big Data and the United Nations Sustainable Development Goals (UN SDGs) at a Glance. Big Data Cogn. Comput. 2021, 5, 28. [Google Scholar] [CrossRef]
  51. Bhowmik, C.; Bhowmik, S.; Ray, A. Green Energy Sources Selection for Sustainable Planning: A Case Study. IEEE Trans. Eng. Manag. 2022, 69, 1322–1334. [Google Scholar] [CrossRef]
  52. Hadiya, N.; Kulshreshtha, V.; Bhakar, R.; Vashishtha, G.; Datta, A. Blockchain: Elements of Physical Architecture, Empowering Features and Applications in the Indian Power Sector. In Proceedings of the 2020 21st National Power Systems Conference (NPSC), Gandhinagar, India, 17–19 December 2020; IEEE: Piscataway, NJ, USA, 2020. [Google Scholar]
  53. Joshi, K.; Trivedi, G.; Maru, P. Research-Ready, Technology-Set, Deployment-Go: The Role of Blockchain in Peer-to-Peer Energy Trading. In Proceedings of the 2020 IEEE Bombay Section Signature Conference (IBSSC), Virtual, 4–6 December 2020; IEEE: Piscataway, NJ, USA, 2020. [Google Scholar]
  54. Nasrat, L.; Zedan, M.; Ali, A.-A.; Shabib, G. Review on Energy Trading of Community-Based Projects around the World. In Proceedings of the 2022 23rd International Middle East Power Systems Conference (MEPCON), Cairo, Egypt, 13–15 December 2022; IEEE: Piscataway, NJ, USA, 2022. [Google Scholar]
  55. Miller, F.P.; Vandome, A.F.; McBrewster, J. (Eds.) Citeseerx; Alphascript Publishing: Brigham City, UT, USA, 2010; ISBN 9786134126588. [Google Scholar]
  56. A Joint Initiative of Government of India and Government of Gujarat. Available online: https://powermin.gov.in/sites/default/files/uploads/joint_initiative_of_govt_of_india_and_Gujarat.pdf (accessed on 25 April 2023).
  57. Press Information Bureau. Available online: https://pib.gov.in/PressReleseDetailm.aspx?PRID=1831832 (accessed on 26 April 2023).
  58. Bagchi, S.; Rastogi, R.K. An Overview of Distribution Automation in TATA Power DDL and It’s Effective Contribution for Power Sector Reform in North and North West Delhi. In Proceedings of the 2019 International Conference on Electrical, Electronics and Computer Engineering (UPCON), Aligarh, India, 8–10 November 2019; IEEE: Piscataway, NJ, USA, 2019. [Google Scholar]
  59. Shidore, S.; Busby, J.W. One More Try: The International Solar Alliance and India’s Search for Geopolitical Influence. Energy Strat. Rev. 2019, 26, 100385. [Google Scholar] [CrossRef]
  60. Sumaiya; Bharti, A.K. A Study of Emerging Areas in Adoption of Blockchain Technology and It’s Prospective Challenges in India. In Proceedings of the 2019 Women Institute of Technology Conference on Electrical and Computer Engineering (WITCON ECE), Dehradun, India, 22–23 November 2019; IEEE: Piscataway, NJ, USA, 2019. [Google Scholar]
  61. Dabbeeru, R.; Rao, D.N.; Gulati, K. India’s Roadmap to Digital Economy and Financial Inclusion: Policies, Strategies and Experiences. SSRN Electron. J. 2022. [Google Scholar] [CrossRef]
  62. Asaad, M.; Ahmad, F.; Alam, M.S.; Sarfraz, M. Smart Grid and Indian Experience: A Review. Resour. Policy 2021, 74, 101499. [Google Scholar] [CrossRef]
  63. Teufel, B.; Sentic, A.; Barmet, M. Blockchain Energy: Blockchain in Future Energy Systems. J. Electron. Sci. Technol. 2019, 17, 100011. [Google Scholar] [CrossRef]
  64. Chang, S.E.; Chen, Y.-C.; Lu, M.-F. Supply Chain Re-Engineering Using Blockchain Technology: A Case of Smart Contract Based Tracking Process. Technol. Forecast. Soc. Chang. 2019, 144, 1–11. [Google Scholar] [CrossRef]
  65. Mladenov, V.; Chobanov, V.; Van, T.V.; Steen, D. Peer to Peer Technologies in Energy Network. In Proceedings of the 2021 13th Electrical Engineering Faculty Conference (BulEF), Varna, Bulgaria, 8–11 September 2021; IEEE: Piscataway, NJ, USA, 2021; pp. 1–4. [Google Scholar]
  66. Kirli, D.; Couraud, B.; Robu, V.; Salgado-Bravo, M.; Norbu, S.; Andoni, M.; Antonopoulos, I.; Negrete-Pincetic, M.; Flynn, D.; Kiprakis, A. Smart Contracts in Energy Systems: A Systematic Review of Fundamental Approaches and Implementations. Renew. Sustain. Energy Rev. 2022, 158, 112013. [Google Scholar] [CrossRef]
  67. Myung, S.; Lee, J.-H. Ethereum Smart Contract-Based Automated Power Trading Algorithm in a Microgrid Environment. J. Supercomput. 2020, 76, 4904–4914. [Google Scholar] [CrossRef]
  68. Baidya, S.; Potdar, V.; Pratim Ray, P.; Nandi, C. Reviewing the Opportunities, Challenges, and Future Directions for the Digitalization of Energy. Energy Res. Soc. Sci. 2021, 81, 102243. [Google Scholar] [CrossRef]
  69. Muntasir, F.; Chapagain, A.; Maharjan, K.; Baig, M.J.A.; Jamil, M.; Khan, A.A. Developing an Appropriate Energy Trading Algorithm and Techno-Economic Analysis between Peer-to-Peer within a Partly Independent Microgrid. Energies 2023, 16, 1549. [Google Scholar] [CrossRef]
  70. Liu, N.; Yu, X.; Wang, C.; Li, C.; Ma, L.; Lei, J. Energy-Sharing Model with Price-Based Demand Response for Microgrids of Peer-to-Peer Prosumers. IEEE Trans. Power Syst. 2017, 32, 3569–3583. [Google Scholar] [CrossRef]
  71. Andoni, M.; Robu, V.; Flynn, D.; Abram, S.; Geach, D.; Jenkins, D.; McCallum, P.; Peacock, A. Blockchain Technology in the Energy Sector: A Systematic Review of Challenges and Opportunities. Renew. Sustain. Energy Rev. 2019, 100, 143–174. [Google Scholar] [CrossRef]
  72. Kaygusuz, K. Energy Services and Energy Poverty for Sustainable Rural Development. Renew. Sustain. Energy Rev. 2011, 15, 936–947. [Google Scholar] [CrossRef]
  73. Gurung, R.; Rai, R. Determinants of India’s Exports in the Post-Reforms Period. Int. J. Econ. Manag. Stud. 2020, 7, 74–79. [Google Scholar] [CrossRef]
  74. Singh, A.K. Urban Sanitation in Indian Cities: Reflections from Varanasi. In Practising Cultural Geographies; Springer Nature Singapore: Singapore, 2022; pp. 537–558. ISBN 9789811664137. [Google Scholar]
  75. Kumar, K.; Anand, P.K.; Shaw, P. Measuring the Distance to 2030 SDG Targets in India and South Asia Imperatives. In Sustainable Development Goals and Pandemic Planning; Springer Nature Singapore: Singapore, 2022; pp. 187–220. ISBN 9789811667336. [Google Scholar]
  76. Banerjee, S.G.; Barnes, D. Power for All: Electricity Access Challenge in India; World Bank Publications: Washington, DC, USA, 2014; ISBN 9781464803451. [Google Scholar]
  77. Kuttippurath, J.; Peter, R.; Singh, A.; Raj, S. The Increasing Atmospheric CO2 over India: Comparison to Global Trends. iScience 2022, 25, 104863. [Google Scholar] [CrossRef]
  78. Moharil, R.M.; Kulkarni, P.S. A Case Study of Solar Photovoltaic Power System at Sagardeep Island, India. Renew. Sustain. Energy Rev. 2009, 13, 673–681. [Google Scholar] [CrossRef]
  79. Chauhan, A.; Saini, R.P. Renewable Energy Based Off-Grid Rural Electrification in Uttarakhand State of India: Technology Options, Modelling Method, Barriers and Recommendations. Renew. Sustain. Energy Rev. 2015, 51, 662–681. [Google Scholar] [CrossRef]
  80. Panagariya, A.; More, V. Decline in Poverty in India: Real or an Artifact of a Low Poverty Line? Indian Public Policy Rev. 2021, 2, 13–24. [Google Scholar] [CrossRef]
  81. Paul, A.; Tyagi, D.R. Affordable Power for Rural Electrification in India. SSRN Electron. J. 2021. [Google Scholar] [CrossRef]
  82. Gowda, K.; Sridhara, M.V. The Problems of Housing: The Case of the Marginalized in the City of Bangalore, India. LHI J. Land Hous. Urban Aff. 2013, 4, 153–165. [Google Scholar] [CrossRef]
  83. Reddy, A.A.; Sarkar, A.; Onishi, Y. Assessing the Outreach of Targeted Development Programmes—A Case Study from a South Indian Village. Land 2022, 11, 1030. [Google Scholar] [CrossRef]
  84. Sharma, A.; Agrawal, S.; Urpelainen, J. The Adoption and Use of Solar Mini-Grids in Grid-Electrified Indian Villages. Energy Sustain. Dev. 2020, 55, 139–150. [Google Scholar] [CrossRef]
  85. Innovations Energy. Available online: https://www.iexindia.com/pdf/Innovation-March-2022.pdf (accessed on 29 April 2023).
  86. Nibedita, B.; Irfan, M. Analyzing the Asymmetric Impacts of Renewables on Wholesale Electricity Price: Empirical Evidence from the Indian Electricity Market. Renew. Energy 2022, 194, 538–551. [Google Scholar] [CrossRef]
  87. Blockchain Development Company. Available online: https://www.troondx.com/index.html (accessed on 5 May 2023).
  88. The Future of Energy. In Introduction to Petroleum Engineering; John Wiley & Sons, Inc.: Hoboken, NJ, USA, 2016; pp. 23–44. ISBN 9781119193463.
  89. Future of Energy Storage. Available online: https://www.cygni.com (accessed on 5 May 2023).
  90. Edgegrid—The Energy Cloud of India. Available online: https://www.edgegrid.com (accessed on 5 May 2023).
  91. Guru, D.; Perumal, S.; Varadarajan, V. Approaches towards Blockchain Innovation: A Survey and Future Directions. Electronics 2021, 10, 1219. [Google Scholar] [CrossRef]
  92. Wang, W.; Hoang, D.T.; Hu, P.; Xiong, Z.; Niyato, D.; Wang, P.; Wen, Y.; Kim, D.I. A Survey on Consensus Mechanisms and Mining Strategy Management in Blockchain Networks. IEEE Access 2019, 7, 22328–22370. [Google Scholar] [CrossRef]
  93. Mukherjee, A.A.; Singh, R.K.; Mishra, R.; Bag, S. Application of Blockchain Technology for Sustainability Development in Agricultural Supply Chain: Justification Framework. Oper. Manag. Res. 2022, 15, 46–61. [Google Scholar] [CrossRef]
  94. Etukudor, C.; Couraud, B.; Robu, V.; Früh, W.-G.; Flynn, D.; Okereke, C. Automated Negotiation for Peer-to-Peer Electricity Trading in Local Energy Markets. Energies 2020, 13, 920. [Google Scholar] [CrossRef]
  95. Moher, D.; Liberati, A.; Tetzlaff, J.; Altman, D.G.; for the PRISMA Group. Preferred Reporting Items for Systematic Reviews and Meta-Analyses: The PRISMA Statement. BMJ 2009, 339, b2535. [Google Scholar] [CrossRef]
Sustainability 15 13633 g001
Figure 1. Simplified concept of P2P energy sharing.
Figure 1. Simplified concept of P2P energy sharing.
Sustainability 15 13633 g001
Sustainability 15 13633 g002
Figure 2. (a) Net metering; (b) P2P energy sharing.
Figure 2. (a) Net metering; (b) P2P energy sharing.
Sustainability 15 13633 g002
Sustainability 15 13633 g003
Figure 3. PRISMA workflow.
Figure 3. PRISMA workflow.
Sustainability 15 13633 g003
Sustainability 15 13633 g004
Figure 4. Distribution of energy sources in India [23].
Figure 4. Distribution of energy sources in India [23].
Sustainability 15 13633 g004
Sustainability 15 13633 g005
Figure 5. Power structure of India [37].
Figure 5. Power structure of India [37].
Sustainability 15 13633 g005
Sustainability 15 13633 g006
Figure 6. Blockchain technology for P2P.
Figure 6. Blockchain technology for P2P.
Sustainability 15 13633 g006
Sustainability 15 13633 g007
Figure 7. Structure of blockchain.
Figure 7. Structure of blockchain.
Sustainability 15 13633 g007
Disclaimer/Publisher’s Note: The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of MDPI and/or the editor(s). MDPI and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.

Share and Cite

MDPI and ACS Style

Gupta, J.; Jain, S.; Chakraborty, S.; Panchenko, V.; Smirnov, A.; Yudaev, I. Advancing Sustainable Energy Transition: Blockchain and Peer-to-Peer Energy Trading in India’s Green Revolution. Sustainability 2023, 15, 13633. https://0-doi-org.brum.beds.ac.uk/10.3390/su151813633

AMA Style

Gupta J, Jain S, Chakraborty S, Panchenko V, Smirnov A, Yudaev I. Advancing Sustainable Energy Transition: Blockchain and Peer-to-Peer Energy Trading in India’s Green Revolution. Sustainability. 2023; 15(18):13633. https://0-doi-org.brum.beds.ac.uk/10.3390/su151813633

Chicago/Turabian Style

Gupta, Jhanvi, Sanskar Jain, Suprava Chakraborty, Vladimir Panchenko, Alexandr Smirnov, and Igor Yudaev. 2023. "Advancing Sustainable Energy Transition: Blockchain and Peer-to-Peer Energy Trading in India’s Green Revolution" Sustainability 15, no. 18: 13633. https://0-doi-org.brum.beds.ac.uk/10.3390/su151813633

Note that from the first issue of 2016, this journal uses article numbers instead of page numbers. See further details here.

Article Metrics

Back to TopTop