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My assumption is that "selfish" microgrids are likely to function very well to drive electricity costs down and respond in real time to incentives and disincentives. That said, some sort of centralized control would still be necessary to prevent cascading events.
It might be fine if I've got excess capacity and want to arbitrage it out on the grid, but something has got to make sure all the others responding to market price aren't overloading our local circuits. There has to be oversight of distribution.
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