Authors:
Mihail Mihaylov
1
;
Sergio Jurado
2
;
Kristof Van Moffaert
1
;
Narcís Avellana
3
and
Ann Nowé
4
Affiliations:
1
Sensing & Control and Vrije Universiteit Brussel, Spain
;
2
Sensing & Control and Universitat Politecnica Catalunya, Spain
;
3
Sensing & Control, Spain
;
4
Vrije Universiteit Brussel, Belgium
Keyword(s):
Renewable Energy, Smart Grids, Energy Trading, Virtual Currency, NRG-X-Change, Bitcoins, NRGcoins.
Related
Ontology
Subjects/Areas/Topics:
Architectures for Smart Grids
;
Economic Models of Energy Efficiency
;
Energy and Economy
;
Energy-Aware Systems and Technologies
;
Load Balancing in Smart Grids
;
Mechanisms for Motivating Behaviour Change
;
Smart Cities
;
Smart Grid Specific Protocols
;
Smart Grids
Abstract:
In this position paper we propose a novel trading paradigm for buying and selling locally produced energy
in the smart grid. Unlike recently proposed techniques that rely on predictions and a day-ahead market, here
prosumers are billed by the distribute system operator according to their actual usage and rewarded based on
their actual energy input, similar to the current state of affairs. Our mechanism achieves demand response by
providing incentives to prosumers to balance their production and consumption out of their own self-interest.
All rewards and payments are carried out using NRGcoin — a new decentralized digital currency similar to
Bitcoin, that we introduce in this paper. Prosumers exchange NRGcoins with fiat currency on an exchange
market for profit, or for paying their energy bills. We study the advantages of our proposed currency over
traditional monetary payment and explore its benefits for all parties in the smart grid.