NEM stands for New Economy Movement and powers the Smart Asset System. It’s written in Java and was launched in 2015 – the platform’s currency is called XEM. XEM are harvested through Pol – once you own 10,000 XEM and deposit them in the official NEM Nano wallet they begin ‘harvesting’ and therefore grow in number through interest. Smart Assets allow unique data to be created representing an asset meaning that these assets can be traded using XEM. Multiple ledgers can also exist on one blockchain.
The NEM facilitates the exchange of electricity between generators and retailers. Retailers resell the electricity to businesses and households. High voltage transmission lines transport the electricity from the generators to electricity distributors, who deliver it to homes and businesses on lower voltage ‘poles and wires.
The wholesale market is where generators sell electricity and retailers buy it to on-sell to you. There are lots of generators and retailers participating, so it’s highly competitive. The wholesale market operates around a common pool, or spot market, for wholesale trading in physical electricity. This process determines an electricity spot price which reflects physical supply and demand across the NEM. This spot price is an important price signal for investors.
Financial markets sit alongside the wholesale market and involve retailers and generators entering into contracts to buy and sell electricity at an agreed price. The financial markets enable retailers to manage the risk of volatile wholesale prices for their customers.
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