February 2, 2011
25 Basinghall Street
London EC2V 5HA
20.30 Networking Reception
£10 Admission fee
"Better Living through Electricity: How Dynamic Energy Pricing and ‘Smart Appliances’ Can Create Intelligent Homes of the Future"
Dan Adelman, Professor of Operations Management, Chicago Booth
The electricity and gas industries are undergoing a dramatic transformation as computerization is being applied to homes via smart meters and smart home appliances. Smart meters enable consumers to control and manage energy consumption in the home, and they give retail energy providers the ability to apply real-time pricing on an individual basis, rather than presenting consumers with a fixed rate. Smart appliances automatically decide when to consume power, and even adapt to the individual preferences of users.
Join professor Dan Adelman as he explains the magnitude of these improvements and shows how real-time energy pricing and ‘intelligent appliances’ can make a positive impact on social welfare and on the environment. Working in cooperation with GE Global Research Labs, Adelman has developed a framework, which can be used not only as the basis for a smart home control system, but also can be used as a methodology for energy retailers worldwide.