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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

ISBN: 978-989-758-025-3

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.

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Paper citation in several formats:
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

@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},
}

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

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