Data Markets for Smart Grids: An Introduction

Conventional power grids are being transformed into smart grids with the help of computer technologies. This has led to the generation of huge amount of data. Management of enormous amount of smart grid data poses significant challenge to the data owners. Currently, there are not much incentives available to encourage better data management among data owners. Generated smart grid data mostly stay with the owner of the data. Lack of a proper data exchange platform often prohibits the flow of data across various entities of smart grids. Exchange of data is necessary for efficient utilization of smart grid data. To address these issues, this paper proposes data markets for smart grids. The advantages of Smart Grid Data Market (SGDM) are outlined in this paper. Smart grid data and related services are the tradable commodities in the SGDMs. A market model is proposed for SGDM. Market structure, participants, commodities, attributes of data pricing, data licensing, data authenticity and other aspects of the proposed SGDMs are discussed.