Engineering Smart Retail Electricity Markets

Advanced metering infrastructure is a cornerstone of future grids, but the smart grid encompasses much more than the most frequently mentioned features connected with AMI such as increased communication capabilities, monitored infrastructure, improved fault recovery and self-healing capabilities. It also involves completely new processes and schemes to improve economic efficiency in coordinating the interests of all different stakeholders. Through the establishment of well-designed markets on all levels, and on most time horizons, the power system can become more efficient and greener, as well as smarter.