The technology provides the method and system which allow end users to participate in the trading of resources, enabling the lowering of costs for the end users. Additionally, the method and system also allow for utilization of resources in a manner, which can optimize a load (for example, electrical) for the resource supply.
The technology includes the control of thermal load (e.g. aircon), management of energy storage (e.g. charge and discharge battery), mitigation of intermittency in renewable energy and setting of incentive and pricing based on users’ preference etc.
The technology is targeting the energy domain, in particular demand response management, energy saving scheme, renewable energy management, or energy storage optimization.
The technology consists of a pending patent and software algorithms. The patent is related to a system for managing resources, which describes the components and procedures in resource trading, while taking the users’ preference into account. The method and system allow end users to participate in the trading of resources which enables lowering of costs for the end users. Furthermore, the method and system also enable utilisation of resources in a manner which can optimise a load (for example, electrical) for the resource supply. It should be appreciated that the resources can relate to, for example, water, fossil fuels, energy supplies and the like.
The software algorithms are for energy management, such as the control of thermal load, optimization of energy storage, etc. The software algorithms can control the thermal load (e.g. aircon) while reducing the energy cost and taking the user's preference into account. There are also algorithms that manage the energy storage, e.g. charge and discharge, based on the renewable availability and the user demand while cutting down the overall energy cost. The resource trading aspect of the technology can be automated and negotiation aspects can be built-into the method and system.
The technology can be applied in the energy domain, e.g. demand response management, energy saving scheme, renewable energy management, or energy storage optimization. It can be applied in energy trading for demand response management in smart home networks and building energy management systems, energy management within a micro-grid, water trading, natural gas trading, and so forth.
Based on Mordor Intelligence, it was reported that the global energy management systems market was valued at USD 23B in 2017, estimated to reach a value of USD 49B by 2023. This market is expected to grow at a compounded annual growth rate (CAGR) of 13.78% over the forecast period of 2018-2023. This presents a significant market opportunity for the adoption of smart energy management technology.
The technology can help to reduce the energy cost through controlling of electric appliances, managing demand response, or trading of resources. Users’ preference will be taken into account, such that users enjoy the cost reduction without much trade-off in terms of discomfort or inconvenience.