Peer-to-Peer Energy Trading Framework Using Markov Chain for a Resilient Smart Grid

This paper presents a resilience-driven framework leveraging advanced control technologies, particularly a Markov chain approach, to enhance the robustness of peer-to-peer (P2P) energy trading networks under Low Probability High Impact Events (LPHIE) such as climate change, cyberattacks, and natural disasters. The proposed framework addresses critical challenges in maintaining energy system stability by integrating renewable energy sources, optimizing energy exchange, and quantifying system resilience through novel metrics. A key contribution lies in the development of a multi-layered strategy that incorporates fuzzy logic for dynamic fault mitigation and a three-tier energy management system combining solar PV, battery storage, and electric vehicles. Additionally, the framework utilizes blockchain technology to ensure transparency, security, and fairness in energy trading, while promoting inclusivity and equity among diverse prosumer groups. By advancing the state-of-the-art in resilience modeling, this study provides a robust foundation for sustainable energy management in decentralized systems, offering practical insights into mitigating the impacts of LPHIE and advancing the democratization of energy resources.