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Reducing energy costs can be a real game changer. The average energy consumption and cost vary depending on the size of the business and how it consumes energy, despite the fact that most firms use between 15,000 and 25,000 kWh of energy annually. The associated costs only keep rising as time moves. When you’re working to reduce your business expenses, there are few ways that offer more potential to save money than by changing your power consumption and its impact on the grid.

The Problem

The high cost of energy is a problem for businesses and consumers alike. In addition to the financial burden, this cost also affects the environment. The goal is to find a solution that will reduce energy costs while also protecting the environment. Traditionally, energy production and distribution have been set up in such a way that the producers and distributors can charge whatever they want. Blockchain can provide alternative solutions, particularly when it comes to the incentivization of clean energy solutions through crowd grid ecosystems.

Why Do We Need a New Solution?

The current system for energy dispatch and trading is outdated and inefficient. This results in higher energy costs for consumers and businesses alike. A new solution is needed to optimize energy dispatch and trading, reducing costs for everyone involved. As the world’s population grows and more people migrate from rural areas to cities, the need for an efficient energy system has never been greater. 

A smart grid will use big data analytics combined with real-time optimization of electrical power transmission and distribution on an industrial scale. The result will be a smoother distribution of power throughout our interconnected grid networks.

How Can an Algorithm Improve the Current Situation?

The current system for energy dispatch and trading is based on a set of rules that have been in place for many years. These rules are designed to ensure that the electric grid is operated in a safe and reliable manner. However, they are not necessarily the most efficient way to operate the grid.

Examples From Three Countries

In this post, we’ll explore how energy dispatch and trading can be used to reduce costs by optimizing the use of resources. We’ll look at a live example from three countries – Chile, Australia and Denmark – to see how this is being done. By doing this, we can see how much potential there is for reducing energy costs globally.

What Are Some Other Use Cases?

In addition to reducing energy costs, improved dispatch and trading can also be used to: 

-Optimize the use of renewable resources 

– Improve the efficiency of the electric grid 

– Enhance security of the electric grid 

– Support the integration of electric vehicles 

– Provide ancillary services to the electric grid – Mitigate price volatility due to fossil fuel fluctuations 

– Reduce the cost of renewable generation subsidies

Conclusion

By optimising energy dispatch and trading, businesses can reduce their overall energy costs. This is achieved by ensuring that the correct amount of energy is being produced at the right time, and then sold at the most advantageous price. Improved dispatch and trading can also help to improve energy security by reducing the need for imported energy.


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