A smart city is a new city concept that applies the new generation of information communication technologies (Smart ICT), such as the Internet of Things, cloud computing, big data, to improve and manage the planning, construction and smart services of cities. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay The development of smart cities can promote synchronized development, industrialization, information sharing, urbanization and agricultural modernization, and the sustainability of city development. The utility electrical system in the Smart City is highly energy and resource efficient and is increasingly powered by renewable energy sources; it is based on integrated and resilient resource systems, as well as innovative, intuition-driven approaches to strategic planning. The application of information and communication technologies is commonly a means to achieve these goals. One of the main components of the smart city energy system is the smart grid. Smart grid is an electricity network that includes a variety of operational and energy measures such as smart meters, smart appliances and allows the integration of various energy generation resources. With growing concerns about climate change, interest in integrating renewable resources into the smart grid is increasing. Because these renewable energy sources may be highly intermittent in nature and often uncontrollable, they could pose a significant challenge to grid reliability. It is therefore a challenging task to ensure that energy demand, load and energy production remain balanced; highlighting the need for standardized energy allocation and dynamic pricing schemes. As a step in this direction, we study dynamic pricing strategies for intermediation, which will be implemented on the cloud service, based on data collected from smart meters to help users make the best selection with energy resources from different energy retailers. In this dynamic pricing scheme, more than one energy retailer is considered and for each retailer, the price for users can be dynamically adjusted based on the current energy demand and prices offered by other retailers in each region; in order to obtain the highest individual or combined revenue. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay Users' energy demand changes with price to maximize their individual utility, and users could choose different retailers based on the prices provided. The brokerage will choose the lowest cost of energy resources based on customers' real-time energy usage demand. Dynamic pricing aims to reduce overall energy consumption, the ability of end customers to change their electricity usage from normal or current consumption patterns in response to market signals is primarily about shifting consumption to a different point in time. Additionally, throughout the analysis we learned that standardization in the metering and billing industry lags behind research.