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Abstract

The demand for electricity is constantly growing, which leads to an increase in production, which in turn adversely affects the environment. Many countries integrate Renewable Energy Sources (RES) with the aim of decreasing the use of fossil fuels. Although there is more and more power coming from RES, some part of it is still lost due to the lack of motivation on the participants’ side to interact with each other. To attract more participants to the Smart Grid, thereby reducing the demand from the Utility Grid, it is necessary to ensure fair prices within the Smart Grid, that will be beneficial to all participants. Firstly, we consider the pricing issue considering the principle of how smart meters operate. Secondly, we propose a fair pricing model for the Smart Grid, as well as a method for determining an equilibrium price of buying and selling electricity. Finally, we evaluate the proposed model and provide the results, that prove its effectiveness.

Publication Type:	Conference or Workshop Item (Paper)
Additional Information:	© 2022 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.
Publisher Keywords:	smart grid; pricing; smart metering
Subjects:	H Social Sciences > HD Industries. Land use. Labor Q Science > QA Mathematics > QA75 Electronic computers. Computer science T Technology > TK Electrical engineering. Electronics Nuclear engineering
Departments:	School of Science & Technology > Engineering

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