NRG-X-Change - A Novel Mechanism for Trading of Renewable Energy in Smart Grids

Mihail Mihaylov, Sergio Jurado, Kristof Van Moffaert, Narcís Avellana, Ann Nowé

2014

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.

Paper Citation

in Harvard Style

Mihaylov M., Jurado S., Van Moffaert K., Avellana N. and Nowé A. (2014). NRG-X-Change - A Novel Mechanism for Trading of Renewable Energy in Smart Grids . In Proceedings of the 3rd International Conference on Smart Grids and Green IT Systems - Volume 1: SMARTGREENS, ISBN 978-989-758-025-3, pages 101-106. DOI: 10.5220/0004960201010106

in Bibtex Style

@conference{smartgreens14,
author={Mihail Mihaylov and Sergio Jurado and Kristof Van Moffaert and Narcís Avellana and Ann Nowé},
title={NRG-X-Change - A Novel Mechanism for Trading of Renewable Energy in Smart Grids},
booktitle={Proceedings of the 3rd International Conference on Smart Grids and Green IT Systems - Volume 1: SMARTGREENS,},
year={2014},
pages={101-106},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0004960201010106},
isbn={978-989-758-025-3},
}

in EndNote Style

TY - CONF
JO - Proceedings of the 3rd International Conference on Smart Grids and Green IT Systems - Volume 1: SMARTGREENS,
TI - NRG-X-Change - A Novel Mechanism for Trading of Renewable Energy in Smart Grids
SN - 978-989-758-025-3
AU - Mihaylov M.
AU - Jurado S.
AU - Van Moffaert K.
AU - Avellana N.
AU - Nowé A.
PY - 2014
SP - 101
EP - 106
DO - 10.5220/0004960201010106