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Integrating a Virtual Energy Currency in Energy Ecosystems

Abstract

Smart meters’ data can become more powerful for cities / regions and utilities / energy providers than what was initially envisaged; this is the case, when being interpreted along with data coming from different sources, such as sensors’ data from building assets, price data from markets, weather data, end-users behavioral data and demographics. In this case, Peer-to-Peer (P2P) energy trading is enabled, fully exploiting IoT, where people can reduce the energy consumption from energy efficiency / management actions and/or generate their own energy from renewables, and share it with each other. Such a chain can create value, if connected with a currency; a virtual energy currency. The aims of this paper is to present a novel framework connecting energy production and reduction with a virtual energy currency. Energy end-users are able to earn coins, in terms of digital currencies, by reducing or shifting their energy consumption. The coins earned are related with the actual compared to the predicted energy consumption and the daily amount of energy saved / produced by the end-user.


The added value consists of correlating various different types of data from different sources and human behavior, hence integrating different systems, in order to optimize and achieve sustainable energy management, within a smart city context.

Presented By

Haris Doukas
Assistant Professor
National Technical University of Athens

Smart meters’ data can become more powerful for cities / regions and utilities / energy providers than what was initially envisaged; this is the case, when being interpreted along with data coming from different sources, such as sensors’ data from building assets, price data from markets, weather data, end-users behavioural data and demographics. In this case, Peer-to-Peer (P2P) energy trading is enabled, fully exploiting IoT, where people can reduce the energy consumption from energy efficiency / management actions and/or generate their own energy from renewables, and share it with each other. Such a chain can create value, if connected with a currency; a virtual energy currency. The aims of this paper is to present a novel framework connecting energy production and reduction with a virtual energy currency. Energy end-users are able to earn coins, in terms of digital currencies, by reducing or shifting their energy consumption. The coins earned are related with the actual compared to the predicted energy consumption and the daily amount of energy saved / produced by the end-user. The added value consists of correlating various different types of data from different sources and human behaviour, hence integrating different systems, in order to optimise and achieve sustainable energy management, within a smart city context.