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As cloud computing becomes increasingly pervasive, the data center energy consumption attributable to cloud computing is climbing, despite the clarion call of action to reduce consumption and reverse environmental effects. At the same time, the rising cost of energy -due to regulatory measures enforcing a "true cost" of energy coupled with finite natural resources rapidly diminishing, resulting in scarcityis refocusing IT leaders on efficiency and total cost of ownership (TCO), particularly in the context of the world-wide financial crisis. We propose a "smart metering" approach that encompasses all the stakeholders in the cloud computing ecosystem to achieve these twin goals of "energy conservation" and "demand response". As such, this paper introduces our initial thoughts on "smart metering" and various implications and implementation ideas related to it.

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