Modelling Real-Time Pricing of Electricity for EnergyConservation Measures in the UK Commercial Sector

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Title: Modelling Real-Time Pricing of Electricity for EnergyConservation Measures in the UK Commercial Sector
Authors: Acha Izquierdo, S
Bustos-Turu, G
Shah, N
Item Type: Conference Paper
Abstract: Electricity bills in the UK are increasing year after year due to power market conditions and they will most likely continue to rise. These high costs are reducing the profitability of businesses and thus efforts on understanding and mitigating these charges are a key concern for companies in order to improve their bottom line. This paper focuses on detailing a comprehensive bottom-up model of electricity commercial bills that generates real-time price curves; thus allowing customers to comprehend the true cost of the electricity they consume. The model provides profiles for different UK regions across various seasons. These insights are valuable because they can be used to inform more accurately energy efficiency programs in terms such as return on investment. By knowing where energy is more expensive it makes it easier to prioritize investments. Results overall show Yorkshire has the highest rates, while the South West has the most expensive peaks. Meanwhile, London and Southern England have the cheapest rates.
Issue Date: 8-Apr-2016
Date of Acceptance: 4-Jan-2016
Publisher: IEEE
Journal / Book Title: 2016 IEEE International Energy Conference (ENERGYCON)
Copyright Statement: © 2016 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.
Sponsor/Funder: Sainsbury's Supermarkets Ltd
Funder's Grant Number: CEPSE_P57236
Conference Name: Energycon 2016
Publication Status: Published
Start Date: 2016-04-04
Finish Date: 2016-04-08
Conference Place: Leuven
Appears in Collections:Faculty of Engineering
Centre for Environmental Policy
Chemical Engineering
Faculty of Natural Sciences

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