The next fifty years will involve increasing human interaction with digital technology as the Internet of Things grows and more devices have more embedded intelligence and automation capabilities. Coffee makers, bathroom showers, and many other household items will be able to adapt to patterns of human behavior, enabling their users to optimize energy consumption, save money, and improve environmental quality. Technologically advanced homes will connect to a smart power grid that creates a transactive market platform, fostering new relationships between electricity producers and consumers. If retail regulatory institutions do not allow firms the freedom to enter or consumers the freedom to choose how much price risk to bear and what price signals to receive, then they fail to deliver on the dynamic value-creating potential of the smart grid as a transactive market platform that enables the connected homes of the future to be assets for exchange.
|Original language||English (US)|
|Number of pages||5|
|State||Published - Dec 1 2016|
ASJC Scopus subject areas
- Geography, Planning and Development
- Earth-Surface Processes