Dynamic pricing for electricity has long been the holy grail of the smart grid, particularly for smart metering. The rationale is that if the retail price of electricity actually reflected the true time-based costs instead of a blurred monthly average, then consumers would become more efficient buyers, benefiting themselves,
time of use pricing
Over the last few decades, commercial buildings have been at the forefront of a number of energy storage technologies including batteries, flywheels (primarily in uninterruptible power system (UPS) applications), and thermal energy storage (TES). While the former market segment is mature, TES
Dynamic pricing schemes are viewed as one of the key utility tools for reducing peak load during the summer, which is growing over time. Such pricing schemes, which adjust the price of electricity based on the time of day and the cost of generating electricity during different time periods, are on the rise throughout the United States.