- Demand response is a change in the power consumption of a customer to better match the demand for power with the supply.
- Digital twin means a digital replica of physical assets.
- A Virtual Power Plant is a network of decentralized, medium-scale power generating units such as wind farms, solar parks, and Combined Heat and Power (CHP) units, as well as flexible power consumers and storage systems. The interconnected units are dispatched through the central control room of the Virtual Power Plant but nonetheless remain independent in their operation and ownership.
- A distributed ledger is a consensus of replicated, shared, and synchronized digital data, geographically spread across multiple sites, countries, or institutions. There is no central administrator. One form of distributed ledger design is the blockchain system. DLT = distributed ledger technology.
- A blockchain is a digital record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in single list, called a chain.
- A smart contract is a computer program (or a transaction protocol) which is intended to automatically execute, control or document legally relevant events /actions, according to the terms of a contract.
- P2P is a network distributed architecture that partitions tasks among peers.
- A prosumer is an individual who both consumes and produces.
- Value stacking means to perform multiple energy services at the same time.
- ESCO is an energy service company. It is a business that provides a broad range of energy solutions including designs and implementation of energy savings projects, retrofitting, energy conservation, energy infrastructure outsourcing, power generation and energy supply, and risk management.
- Ambient assisted living is here defined as services aimed to constitute intelligent environments
- A value chain refers here to all chains related to DR, which provide value for the consumers.
- Asset flexibility forecasting is the forecast related to the flexibility of the electric equipment.
- E-mobility refers to the use of electrified vehicles for transportation purposes.
- A smart home is a home where devices can be controlled remotely with an internet connection, allowing the user to control functions such as security, temperature, lighting etc.
- Behavioural economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.
- IoT (the Internet of Things) describes the network of physical objects—“things”—that are embedded with technologies for the purpose of connecting with other devices over the Internet.
- AI (Artificial Intelligence) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions.
- The term “big data” refers to data that is so large, fast or complex that it’s difficult or impossible to process using traditional methods.
- The grid edge refers to technologies working near or at the end of electrical grids. New processes and business models surfacing from grid end solutions are part of the definition as well.
- DLT = distributed ledger technology.
- Multi-value chain stacking services refers to a bundle of services, which can be the source for different value chains
- AAL (Ambient and Active Assisted Living) means to live in a technologically supported surrounding, whereas this technology is sensitive and adaptive to the presence of people and objects. It reacts to the actions of individuals and offers diverse services.
