Design and Implementation of Real Time Pricing System in Smart Grids

This paper focuses on incorporating a real time pricing in smart grids system. This scheme of real time pricing makes it possible to manage the load from the demand side or consumer side. This would provide several benefits to the domestic consumers too, apart from industrial consumers. In addition to conservation, real time pricing also comes along way in protecting and preserving the quality of equipment used by the power utility company. Real time distribution aims towards a uniform distribution of loads throughout the day. Hence, no need to produce very large power for short duration of spikes. 

Keywords: Smart grid System, Billing, Pricing, IoT, GSM, Wi-Fi, Real time