1. Introduction
The energy transition toward Net Zero Emission by 2060 hinges on the renewable energy power plants in Indonesia. The Indonesian government has set ambitious targets for increasing the usage of renewable energy. Their goal is to reach 23% renewable energy usage by 2025 and 31% by 2050 to align with the objectives of the 2016 Paris Climate Agreement and reduce greenhouse gas emissions. However, based on data from PLN’s Electricity Supply Business Plan (RUPTL) until the end of 2020, it is estimated that the portion of new renewable energy in Indonesia stands at around 11.51%, which falls short of the target of 13.4%. Indicates the need for more substantial efforts to achieve the 23% target by 2025. According to the 2019 IRENA publication, the country has only installed solar panels at a rate of 0.55%, equivalent to around 80 MWp. These installations include small solar panel setups in remote areas and 1 to 5 MW grids connected in Kupang, East Nusa Tenggara. The Indonesian government’s 2019 RUPTL targets solar energy development to reach 6500 MWp by 2025.
Solar energy in Indonesia offers great potential for renewable energy capacity. Future of Renewable Energy Roadmap (REMap) identified the potential for an installed capacity of 47 GW by 2030. This includes plans to use solar energy to provide electricity to nearly 1.1 million households in remote areas without electricity. Furthermore, solar energy is expected to be used on a significant scale by 2030 in three ways: large utility-scale, on residential and commercial rooftops, and off-grid to replace expensive diesel power plants. This potential is assumed to be developed by 2030 through the efforts of the government and the state-owned electricity company [
1]. Several studies and practices in several countries suggest switching to a peer-to-peer (P2P) energy trading system based on blockchain technology supported by the use of renewable energy—in this case, solar panels as one of the innovations in equalizing access to electricity that uses renewable energy while reducing the impact of climate change. Some of these examples are Piclo in the UK, Vandebron in the Netherlands, Sonnen Community in Germany, and Yeloha and TransActive Grid in the USA [
2,
3,
4,
5,
6].
In various Southeast Asian countries such as Thailand, Malaysia, and Singapore, previous trials of peer-to-peer (P2P) energy trading have been carried out. Specifically in Malaysia, P2P energy trading utilizing blockchain technology was implemented, involving four producers and eight consumers under the leadership of the Sustainable Energy Development Authority (SEDA) 2022. The project’s initial phase involved a centralized approach, with SEDA overseeing the energy transactions between producers and consumers. This initiative is aligned with the Renewable Energy Transition Roadmap (RETR) 2035, which aims to foster the growth of the rooftop solar market by exploring P2P energy trading as a potential solution.
In 2018, the Metropolitan Electricity Authority (MEA) of the Thai government collaborated with Power Ledger on a blockchain-based P2P energy trading pilot project. The pilot project involved a dental clinic as the sole consumer, with a local mall, school, and apartment complex acting as additional large prosumers. A 635 kWP solar panel was installed on the roofs of the mall, school, and housing complex to generate renewable energy for the pilot project. The MEA, as the energy utility company, devised a centrally designed P2P marketplace for this initiative. In the Alpha phase, Electrify developed a pilot retail P2P energy trading platform in Singapore. The marketplace had fifteen members in Singapore’s national grid, consisting of three producers and twelve consumers. It successfully met its technical test objective by simulating the end-use of P2P energy trading in Singapore’s main electricity grid while adhering to the energy regulations.
Energy utilities are increasingly exploring the potential of blockchain to enhance the efficiency of electricity markets. The Russian national grid operator is currently conducting tests on the technology to enhance the efficiency of electricity metering, billing, and payments for end users. This solution will empower consumers to monitor their energy consumption in real time through a mobile app and automate payments within the grid. In addition, cities are also getting involved in this trend. For example, Chuncheon in South Korea is piloting a blockchain platform process that issues tokens for implementing sustainable energy practices, which can be exchanged for various goods and services [
7]. Similarly, in Bangladesh, a blockchain-based peer-to-peer energy trading network is being created for rural households to enhance access to sustainable, reliable, and affordable electricity [
8].
Blockchain technology and P2P trading have been widely discussed in the context of climate change policy and applied in many different climate-related sectors, from climate investment to carbon pricing. With the falling prices of solar panel modules, the number of households installing solar panel systems has increased; P2P energy trading has become one of the most popular applications powered by blockchain technology. However, there are concerns about the carbon footprint generated by blockchain. Concerns also arise from the transaction fees required to maintain the integrity of a decentralized blockchain. Several studies have embraced mathematical evidence and projected that blockchain emissions could drive global warming and consume more energy than mining minerals to produce equivalent market value [
9].
Numerous studies examining the reasons for participating in collective prosumer initiatives have consistently highlighted the significant influence of environmental concerns [
10]. For instance, an investigation into the motivations of individuals joining renewable energy cooperatives in Flanders revealed that the support for renewable energy production outweighs the importance of financial returns or electricity prices as a motivating factor. Similarly, a survey of members of a community-based renewable energy initiative in Germany demonstrated that participant engagement is primarily driven by environmental considerations rather than financial incentives [
11]. Multiple studies have reinforced the idea that environmental benefits are the primary drivers for participation in peer-to-peer electricity markets [
12,
13,
14]. Furthermore, a motivational psychology framework for peer-to-peer energy trading aimed to increase producers and consumers (prosumer) participation. Their findings indicated that the proposed model could potentially reduce carbon emissions by 18.38% and 9.82% during summer and winter, respectively, compared to the feed-in-tariff scheme.
Although peer-to-peer (P2P) trading reduces energy costs for local consumers, the limited energy generation in local microgrids means that the average consumer still needs to purchase energy from the traditional grid. Increased strain on non-renewable energy sources, such as coal-fired or solar power plants, contributes to greenhouse gas emissions. Introducing energy trading between microgrids offers a promising solution to alleviate the reliance on polluting utility grid generation. Previous research has consistently highlighted environmental concerns, particularly the aspiration for a more sustainable lifestyle, as a significant motivator for individuals to invest in renewable energy [
15,
16].
P2P energy trading is currently in an experimental and pre-competitive phase. The regulatory approach adopted around this model will determine its future success. According to IRENA and personal research, to date, the countries that have involved state and private institutions in piloting P2P energy trading schemes are Australia, Bangladesh, Colombia, Germany, Japan, Malaysia, Thailand, Singapore, the Netherlands, Spain, the United Kingdom, and the United States. Most of these [
1] countries do not have regulations on P2P energy trading. Only a few of the above countries have touched the regulatory stage, even if only superficially. In contrast, more countries, including the UK, Japan, and the Netherlands, are embracing a regulatory sandbox approach. This approach permits governments to experiment with innovative concepts that are not yet regulated for a limited duration to gain insights. Currently, trials for peer-to-peer energy trading, often leveraging blockchain technology, are being conducted under regulatory sandboxes in the UK and the Netherlands.
The concept of P2P energy trading has a greater social potential compared to the traditional electricity trading methods, like those used by PLN (incorporating grid management principles such as direct load control and time-varying tariffs). On the contrary, P2P electricity trading contained a sharing element concept. It has the potential to generate compelling narratives, such as the notion of buying and selling electricity in underserved communities, remote islands, and beyond. Nevertheless, further in-depth research is essential to validate these ideas. One of them is through measuring the perceptions of stakeholders from the implementation of the P2P energy trading model based on blockchain technology. Thus, the prescriptive position of the model, which can provide social, economic, and environmental incentives, can be known comprehensively and thus provide an alternative solution to improve the quality of equitable electricity access in Indonesia, with a focus on low emissions and improving the quality of life.
The structure of this paper reflects the researcher’s background in studying peer-to-peer energy trading. Arguments and evidence from previous research are explained in
Section 2. The
Section 3 explains the materials, instruments, respondents and method approaches used in this study. In
Section 4 of this study, the results of the perception analysis are presented based on the four method approaches, the IFE/EFE matrix, the IE matrix, the SWOT matrix, and the SPACE matrix. The final section of this paper presents the conclusions of stakeholders’ perceptions of the use of the P2P blockchain model.
4. Results and Discussion
4.1. Implementation of a Peer-to-Peer Energy Trading Model Using Blockchain Technology in Central Java
This study involved prosumers from 10 households living in the Gumelar District. Each prosumer’s electricity system was connected to a single energy supply sourced from solar panels. The solar panels were installed in a compact manner located in the Gumelar District office. The implementation process of the P2P blockchain model installation can be seen in
Figure 2. The energy generated from the solar panels was distributed through the battery system. This system was designed so that the solar panel array produces energy, which is then transferred to the storage system. The power generated through the electricity meter then transfers the data to the back-end software system. Power from the battery storage is then distributed to homes as needed. Each home has its own electricity supply meter, which combines its electricity supply, which can be viewed by residents through the front-end application.
The front-end application functions to monitor the electricity generated, stored, and distributed to each prosumer’s residence. All these activities can be monitored by the system operator, and individual activities can be monitored by individuals through the front-end application. This process allows prosumers not only to consume electricity, but also to make buying and selling transactions. Thus, the P2P blockchain model is not only a source of renewable energy but can also provide added economic value to its users.
4.2. Stakeholders’ Perceptions
The model trial was conducted twice: (a) from 15 December 2023 to 13 January 2024, and (b) from 15 January to 13 February 2024. A perception test was carried out on 10 prosumers in the Gumelar District. They were asked to complete a questionnaire (
Appendix A) and then participate in a semi-structured interview to ensure that all questions were answered properly and correctly. The questionnaire filled out by the prosumers and expert users was then tested for validity and reliability. The results were analyzed using four methods: (a) IFE/EFE matrix, (b) IE matrix, (c) SWOT matrix, and (d) SPACE matrix to assess the results and their suitability with each other. Through the analysis of these various matrices, the stakeholder’s perceptions will be assessed to understand the potential development of P2P energy trading using blockchain technology and the factors that affect it.
The survey participants (
Figure 3) were predominantly male, accounting for 70% of the total respondents (7 people). There were three female respondents, comprising 30% of the total. Notably, these three women were using an electricity buying and selling application on behalf of their absent husbands. The highest number of respondents, four people (40%), fell within the 46–50 age range, followed by three people (30%) in the over 50 age range. Additionally, two people (20%) were in the 41–45 age range, while one person (10%) fell in the 36–40 age range. It is important to mention that there are few young people in the Gumelar District (aged 18–35) as most individuals in this age range work as Indonesian Migrant Workers abroad. The majority have a high school education, comprising 70%. Additionally, there is a person (10%) with an elementary school (SD), junior high school (SMP), and bachelor’s degree (Sarjana). It is noteworthy that although most of them have a high school education, on average they are former Indonesian Migrant Workers who have worked abroad. Their level of technological literacy and software usage is quite promising. Providing training to each of these individuals should not take long. According to the survey, the majority of respondents, five people (50%), are self-employed. Additionally, two respondents work as housewives. The following categories are private employees, retirees, and others, represented by a person (10%). It is worth noting that many of the respondents were former Indonesian Migrant Workers abroad who, upon returning to Indonesia, tended to start their businesses or become small entrepreneurs contributing to their respective regional economies. The respondents have varying income levels: 10% of respondents earn below Rp. 2,000,000, while another 10% earn above Rp. 4,000,000. The majority, which is 20% of the respondents, earn between Rp. 2,100,000 and Rp. 3,500,000, with two people falling into this category.
4.3. Internal Factors Evaluation and External Factors Evaluation Matrix Analysis
Identification of internal and external factors was carried out to obtain information related to the Strengths, Weaknesses, Opportunities, and Threats factors in this model. This identification was carried out using in-depth interviews or brainstorming from various sources who meet the stakeholder’s criteria related to the model, including the following parties:
Regulatory and electricity provider—the Ministry of Energy and Mineral Resources (ESDM).
State-owned electricity company in Indonesia—PLN Persero Company.
A Non-Governmental Organization (NGO) working in renewable energy and community empowerment—Institute for Essential Services Reform (IESR).
Private companies engaged in the energy business (IPP) and solar panels— Awina Sinergi International Company, South Jakarta, Indonesia.
Academic—IPB University.
The next step involved assigning weights and ranks to each variable. The findings from the IFE and EFE analyses were then organized into a matrix for assessing the key factors influencing the model. This provided a clear understanding of the model’s current position and served as valuable input for devising an effective strategy for its implementation.
4.4. Internal Factors Evaluation Analysis
Identification of the internal factors of this model involved assessing its strengths and weaknesses, assigning them weights and ratings, and then processing them to obtain a score on the IFE matrix. The IFE matrix identification is detailed in the
Table 1.
There are fifteen significant strength factors and twenty-nine key weakness factors that influence this model. The IFE matrix indicates a score of 2.92. According to the IFE matrix, the main strength factor crucial to this model is the freedom to generate and sell electricity (0.1). This factor introduces transparency in the electricity usage and sales by disclosing the amount, duration, and price of electricity (0.1). This internal advantage is highly influential in driving the adoption of this model by stakeholders. The concept of transparency is at the core of blockchain technology, enabling public participation in the electricity trading process without fear of deception due to the recording of all transactions in the application. Regarding weakness factors, the IFE matrix suggests that this model is primarily suitable for the lower-middle class residing in rural or remote areas (0.02). Additionally, the intermittent electricity production to meet the substantial demand is a major weakness (0.03). Furthermore, the weak and relatively expensive internet network, low penetration of sophisticated mobile phones, and complex system management contribute to a negative impact on the model’s adoption. Currently, P2P energy trading using blockchain technology remains at the level of simulation and has not involved large prosumers (more than 100 people). The prospect of simulations involving numerous participants and advanced technology is indeed intriguing.
4.5. External Factors Evaluation Matrix Analysis
Identification of external strategy factors includes opportunity and threat factors that influence the strategy of this model. The results are then processed to obtain a score on the EFE matrix. The EFE matrix identification is detailed in the
Table 2.
There are 19 key opportunity factors and 14 threat factors that significantly influence this model. The IFE matrix results indicate a total score of 2.83. According to the EFE matrix, the opportunity factors for the program is the increase in public awareness and cooperation in using environmentally friendly, pollution-free electricity (0.12). Furthermore, there is an opportunity for additional income (0.12) and new business investment (0.12). This particular opportunity factor is crucial as it can expand market share and generate public interest in the model. Regarding threat factors, the EFE matrix indicates that the model faces significant threats from the implementation aspect involving multiple parties (0.04). Additionally, there is a potential threat in the form of losses for state utilities such as PLN or individuals who have already established electricity infrastructure if this program implemented on a large scale (0.04). This threat could jeopardize the sustainability and profitability of PLN’s state utility business and thus impede the implementation of this model.
4.6. Internal–External Matrix Analysis
For the internal and external results using the IFE-EFE matrix, we obtained an IFE matrix score of 2.92 and an EFE matrix score of 2.83. This places the model in quadrant V in the IE matrix (
Figure 4). The IE matrix theory, the recommended strategy for quadrants III, V, and VII, is the hold and maintain strategy. Based on stakeholder assessments, the suggested strategies for this model are market penetration and product development [
34]. Market penetration could involve increasing the number of prosumers from 10 to 100 or 1000, or expanding to one district or province at a time to assess the effectiveness of systems. Encouraging existing prosumers to buy and sell electricity more frequently is also recommended.
To expand the market share of prosumer products, product development can focus on creating high-selling items. For instance, offering solar panels to urban communities with higher incomes through a program involving PLN as an intermediary, similar to the trial conducted by “Tenaga National Berhad” (TNB), a Malaysian state-owned electricity utility company, can be beneficial. This approach allows the sale of environmentally friendly electricity at a premium price to specific consumer groups. It is important to view this program as a complement to PLN’s existing system, rather than a direct competitor. Furthermore, addressing the current issue of power wheeling, where PLN’s transmission and distribution networks can be jointly utilized, with a business model like this could be a viable solution. Despite PLN’s current reluctance to utilize the concept of power wheeling, this approach holds promise.
4.7. SWOT Analysis
To assess stakeholder perceptions of this model, a SWOT analysis was conducted. The aim was to identify both internal and external aspects of the P2P blockchain program, mapping out potential opportunities and challenges. This involved taking stock of factors influencing the model within the planning strategy, serving as a foundation for determining necessary corrective actions for future developments. The study’s SWOT analysis involved comparing factors impacting the model, comprising Strengths (S), Weaknesses (W), Opportunities (O), and Threats (T). The detailed mapping of SWOT factors, derived from the results of brainstorming with expert users as stakeholders, is presented in the following table. The basic concept of SWOT analysis was developed by assessing weighted scores using EFE/IFE analysis. Stakeholders from the government, private sector, academic, non-governmental organizations, and the community acted as assessors. They assigned a weight of 0.00 to 1.00 to each aspect of SWOT. Each factor (internal/external) was then summed to produce a weight of 1. Once the criteria were weighted, the next step was to rate them to indicate their level of importance (1 = less important, 2 = quite important, 3 = important, and 4 = very important). The weighting value was then multiplied by the specified rating. The position of the SWOT quadrant was determined by calculating each factor (internal/external) to produce a diagram indicating the program’s future quadrant position. The quantitative SWOT analysis used results from the IFE and EFE matrix approaches obtained in the previous analysis. Based on the IFE matrix, the total S-W score was −0.40, and the total O-T score was 0.31. The detailed results of the IFE and EFE matrix analysis are presented in the following
Table 3.
Based on the analysis results, this model located at the coordinate point (−0.40, 0.31), placing it in quadrant II (
Figure 5). This indicates that the model should apply the STABILITY strategy, with a specific focus on the “Selective Maintenance Strategy” for improvement. This involves internal consolidation to address weaknesses and sustain accomplishments. The goal of the Stability strategy is to maintain the current situation by leveraging opportunities and addressing weaknesses.
This model enables equitable electricity distribution in remote and marginalized areas. Despite PLN’s claim that Indonesia’s electrification rate is 99%, sporadic power outages persist in Java, including in the Gumelar District. The program aims to achieve two objectives: first, to increase the adoption of this model in energy-deprived areas by focusing on energy quality, reliability, sufficiency, affordability, community acceptance, environmental feasibility, and the multiple socioeconomic benefits of energy access; and second, to allow PLN to act as an intermediary, supplying clean electricity at a competitive price, when targeting urban or industrial areas.
4.8. SPACE Matrix Analysis
The SPACE (Strategic Position and Action Evaluation) matrix consists of a 2 × 2 table with four quadrants: aggressive, conservative, defensive, and competitive strategies. The matrix’s axes are determined by internal factors such as financial strength (FS) and competitive advantage (CA), as well as by external factors including environmental stability (ES) and industry strength (IS). The financial strength factor evaluates all indicators of an organization’s financial capability. The environmental stability and industry strength factors analyze their respective content and material. The strategy can be formulated as follows: environmental stability (ES), represented by the highest score of market entry barriers (−4), is a significant concern. The Constitutional Court, through a judicial review decision, annulled Article 10 Paragraph 2 and Article 11 Paragraph 1 of the 2009 Law on Electricity, which further confirms that PLN has control over electricity. The coordination of electricity provision and distribution remains with the government, specifically through state-owned enterprise (BUMN) operating in the electricity sector (i.e., PLN) and unbundling. Protective regulations act as the primary barrier hindering the development of this program. And PLN’s support for renewable energy, such as solar power, is currently inadequate. The core of this program revolves around the installation of solar panels. PLN’s policy prohibiting the direct sale of electricity from solar panels to PLN, in addition to the uncompetitive prices offered to IPP solar panels, pose significant challenges. Moreover, the high initial cost and lengthy payback period deter consumer adoption of solar panels, thus prolonging the decision-making process.
The competitive advantage (CA) of controlling suppliers is rated (−3). This advantage stems from PLN’s monopoly over the sale and purchase of electricity, enabling it to offer affordable and uninterrupted electricity to the community by leveraging fossil fuels and an extensive network. The superiority of technology and product quality holds a rated (−3) also. An existing advantage lies in the transparent implementation of a program that allows the community to buy, sell, and track energy transactions, thereby promoting the transition from fossil fuels to clean energy through used solar panels. As for financial strength (FS), the working capital is rated at (+5) due to the substantial initial investment required, balanced by low operational costs and reliance on solar energy for electricity generation. This program is also beneficial for remote areas and only necessitates an application and a smart meter tool for distribution. The return on investment (ROI) is similarly rated at (+5). Despite the initial investment, the program’s benefits for the community, particularly in areas not covered by PLN electricity, and its positive impact on the environment and society, are expected to surpass the initial investment value. Regarding industrial strength (IS), financial stability is rated at (+5) owing to the P2P electricity regulation buying and selling program, ensuring the sustainability of the independent system, community empowerment, and environmental benefits from solar energy use. And this can help improve the scale of the P2P markets and motivate the formation of new business models for community.
Therefore, the coordinate point xy = (1, −0.3).
Based on the SPACE matrix (
Figure 6), it is evident that the vector line points toward the COMPETITIVE quadrant (bottom right) of the matrix. This suggests that the model holds the potential for a competitive advantage in its evolving activity type. Consequently, it inferred that the model is well-positioned to capitalize on internal strengths to leverage external opportunities, address internal weaknesses, and mitigate external threats. Collaborating with PLN is a crucial aspect of the widespread adoption of this model, enabling it to operate in areas where the PLN network does not reach. The stakeholder perception analysis used the IFE-EFE matrix, IE matrix, SWOT matrix, and SPACE matrix. The conclusion is that the P2P energy trading model, supported by blockchain technology, can grow and evolve by meeting various existing requirements. Additionally, strategic steps for future development, including collaboration with PLN, have been clearly outlined.
4.9. Sustainability Policy Strategies to Model Implementation
The sustainability policy strategies in the model use the SWOT matrix approach. This involves describing the various external and internal factors that impact the model’s sustainability, based on EFAS (External Factors Analysis Summary) and IFAS (Internal Factors Analysis Summary) conclusions. The SWOT matrix helps to depict how the model can adapt to external opportunities and threats by leveraging its strengths and addressing its weaknesses.
To determine the priority of each alternative strategy, the researcher utilized the Quantitative strategic planning matrix (QSPM), a highly suitable tool for prioritizing crucial internal, external, and competitive information essential for crafting an effective strategic plan. Then, the decision-making stage relied on the key indicators or factors outlined in the input stage, IFAS and EFAS. These factors prepared an alternative strategy in the second stage (matching stage). Following the QSPM assessment of each alternative strategy, they were sorted from the largest to the smallest value to identify a priority strategy for implementation. A total of 12 vital strategies had to be executed to effectively promote the P2P energy trading model using blockchain technology for systematic development in society. The strategy priorities are shown in the
Table 4.
4.10. Peer-to-Peer Energy Trading Model Strategy Priorities
The model is considered economically feasible. On the other hand, the model can effectively reduce CO
2 due to the use of solar panels. Furthermore, this model will work more effectively if it can build cooperation with PLN, which is legally the only utility company in Indonesia that has the largest electricity network. For the initial stage, the regulatory sandbox model will be an ideal forum to start a dialogue and experiment between regulators and innovators to learn and exchange insights about testing a product before it is suitable for use in the wider community. A trial like this was conducted by “Tenaga Nasional Berhad” (TNB), a Malaysian state-owned electricity utility company, in 2019 on a P2P energy trading model using blockchain technology in collaboration with the renewable energy authority SEDA (Sustainable Energy Development Authority). And, P2P energy trading using blockchain algorithms can be successfully implemented considering real-time scenarios and economically benefits smart sustainable societies. Thus, this might be an entry point in collaborating with PLN as the electricity sold is environmentally friendly energy and is sold at a higher price to certain consumers by involving PLN as part of its business model. This program should not be considered a competitor to PLN but rather as a complement to the existing PLN system. The energy trading model’s twelve priority strategies are represented using the triangular relationship between environmental, social, and economic dimensions, which are interconnected and mutually influential. The Peer-to-Peer Energy Trading Model Strategy Priorities are shown in the
Table 5.
4.11. Discussion
This study has potential limitations. The estimation of stakeholder perception measurement is influenced by the number of prosumer users of the P2P blockchain model as respondents and the level of expertise of the experts. Therefore, they are susceptible to bias and confounding factors that may affect the assessment of perception of this model. The limited funding in the research resulted in the number of respondents in this study being relatively small, with only 10 user families. Including the criteria of experts involved in the assessment of the perception of this study, it was based only on work experience. However, the researcher believes that these limitations are still within tolerable limits and can still represent actual conditions.
5. Conclusions
This study demonstrated the effectiveness of the microgrid system for peer-to-peer energy trading using blockchain technology in the Gumelar District, Banyumas Regency, Central Java Province, tasted to 10 Prosumers. The results showed that this model effectively addresses the challenges of sustainable electricity. The model has proven to be environmentally, economically, and socially beneficial, serving as a valuable reference for addressing energy access inequality comprehensively. Based on the analysis of the IFE-EFE matrix, the strength factors of this model are the freedom to generate and sell electricity (0.1) and transparency in electricity usage and sales by disclosing the amount, duration, and price of electricity (0.1). Regarding weakness factors, this model is primarily suitable for the lower-middle class residing in rural or remote areas (0.02). Additionally, the intermittent electricity production to meet the substantial demand is a weakness (0.03). The opportunity factor for the model is the increase in public awareness and cooperation in using environmentally friendly, pollution-free electricity (0.12). Furthermore, there is an opportunity for additional income (0.12) and new business investment (0.12). Regarding threat factors, the model faces significant threats from the implementation aspect involving multiple parties (0.04). There is a potential threat in the form of losses for state utilities such as PLN or individuals who have already established electricity infrastructure if this program is implemented on a large scale (0.04).
We obtained an IFE and EFE score of 2.92 and 2.83 for the internal and external results using the IE matrix. These scores place the model in quadrant V, meaning the P2P model can survive in the long term to generate profits. According to the SWOT analysis results, this model is located at the coordinate point −0.40, 0.31, placing it in quadrant II. This means that the P2P model is in a competitive situation and faces threats but still has internal strengths. Based on the SPACE matrix, stakeholder perception states that the P2P model is at coordinate point 1, −0.3. This shows that the P2P model has the potential to be a competitive advantage in its type of activity that continues to grow. Based on the three approaches, it provides positive model position results that can be developed in the future. Here, the assessment of stakeholder perceptions of the P2P model using blockchain technology might be implemented effectively, with the potential to provide social, economic, and environmental incentives. This indicates that the model should apply the stability strategy, with a specific focus on the selective maintenance strategy for improvement. The stability strategy goal is to maintain the current situation by leveraging opportunities and addressing weaknesses.
The peer-to-peer energy trading model using blockchain technology is believed by stakeholders to provide greater benefits to the user community, expand opportunities to consume renewable energy, and contribute to reducing climate change in Indonesia. This can be an alternative for the government to fulfill electricity needs, especially those that are difficult to reach by conventional networks. For the effectiveness and efficiency of the model, this strategy is needed to emphasize collaborative training with PLN, which holds legal authority as the only utility company in Indonesia with an extensive electricity network, as well as advocating for regulations that support independent purchase and sale of solar-powered electricity, especially in areas without PLN network coverage. Regulatory sandboxes can be tried in several targeted areas. Regulatory sandboxes provide an ideal platform for regulatory authorities and innovators to engage in dialogue and experimentation, allowing for mutual learning and exchange of ideas about a product before it is approved for public use. The potential for blockchain in the mini-grid market is enormous, especially in the Indonesian archipelago, given the country’s rapid economic growth and substantial increase in energy demand among G20 countries. By demonstrating the effectiveness of this approach, there is significant potential for scalability across microgrid systems of varying sizes and geographic distribution, as this technology can be implemented across any smart meter network.