An Optimal Market-Oriented Demand Response Model for Price-Responsive Residential Consumers

Reza Sharifi, Amjad Anvari-Moghaddam, S. Hamid Fathi , Josep M. Guerrero, Vahid Vahidinasab

Publikation: Bidrag til tidsskriftTidsskriftartikelForskningpeer review

Resumé

For many years in the wholesale electricity market, the generation companies would only seek to compete with each other to sell electric energy to customers in a way to make more profit. Moreover, there was no mechanism in such an environment to enable demand-side participation especially for residential building units with relatively high power consumptions. This caused the increasing market power of generation companies and soon to realize that the demand-side would yield to any price to purchase the required energy. Having gradually identified this issue, demand response (DR) programs were introduced as confronting tools to help consumers being away from such situations. This paper proposes an effective market-oriented DR model for residential consumers to change their consumption patterns over the time for getting maximum benefits based on their own utility functions. According to the results of simulated case studies, it is demonstrated that the proposed model is able to adapt to different consumers with different levels of flexibility against the price signals. Moreover, simulation results demonstrate that the residential consumption levels can be easily adjusted during the examined period in a way not only to meet the user’s objectives, but also to reshape and smooth the system’s aggregated load profile.
OriginalsprogEngelsk
TidsskriftEnergy Efficiency
Vol/bind12
Udgave nummer3
Sider (fra-til)803–815
Antal sider13
ISSN1570-646X
DOI
StatusUdgivet - 2019

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Industry
Profitability
Electric power utilization
Power markets

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    Sharifi, Reza ; Anvari-Moghaddam, Amjad ; Fathi , S. Hamid ; Guerrero, Josep M. ; Vahidinasab, Vahid . / An Optimal Market-Oriented Demand Response Model for Price-Responsive Residential Consumers. I: Energy Efficiency. 2019 ; Bind 12, Nr. 3. s. 803–815.
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    title = "An Optimal Market-Oriented Demand Response Model for Price-Responsive Residential Consumers",
    abstract = "For many years in the wholesale electricity market, the generation companies would only seek to compete with each other to sell electric energy to customers in a way to make more profit. Moreover, there was no mechanism in such an environment to enable demand-side participation especially for residential building units with relatively high power consumptions. This caused the increasing market power of generation companies and soon to realize that the demand-side would yield to any price to purchase the required energy. Having gradually identified this issue, demand response (DR) programs were introduced as confronting tools to help consumers being away from such situations. This paper proposes an effective market-oriented DR model for residential consumers to change their consumption patterns over the time for getting maximum benefits based on their own utility functions. According to the results of simulated case studies, it is demonstrated that the proposed model is able to adapt to different consumers with different levels of flexibility against the price signals. Moreover, simulation results demonstrate that the residential consumption levels can be easily adjusted during the examined period in a way not only to meet the user’s objectives, but also to reshape and smooth the system’s aggregated load profile.",
    keywords = "Demand-side management, Economic demand response model, Consumer utility function, Electricity market restructuring",
    author = "Reza Sharifi and Amjad Anvari-Moghaddam and Fathi, {S. Hamid} and Guerrero, {Josep M.} and Vahid Vahidinasab",
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    An Optimal Market-Oriented Demand Response Model for Price-Responsive Residential Consumers. / Sharifi, Reza ; Anvari-Moghaddam, Amjad; Fathi , S. Hamid ; Guerrero, Josep M.; Vahidinasab, Vahid .

    I: Energy Efficiency, Bind 12, Nr. 3, 2019, s. 803–815.

    Publikation: Bidrag til tidsskriftTidsskriftartikelForskningpeer review

    TY - JOUR

    T1 - An Optimal Market-Oriented Demand Response Model for Price-Responsive Residential Consumers

    AU - Sharifi, Reza

    AU - Anvari-Moghaddam, Amjad

    AU - Fathi , S. Hamid

    AU - Guerrero, Josep M.

    AU - Vahidinasab, Vahid

    PY - 2019

    Y1 - 2019

    N2 - For many years in the wholesale electricity market, the generation companies would only seek to compete with each other to sell electric energy to customers in a way to make more profit. Moreover, there was no mechanism in such an environment to enable demand-side participation especially for residential building units with relatively high power consumptions. This caused the increasing market power of generation companies and soon to realize that the demand-side would yield to any price to purchase the required energy. Having gradually identified this issue, demand response (DR) programs were introduced as confronting tools to help consumers being away from such situations. This paper proposes an effective market-oriented DR model for residential consumers to change their consumption patterns over the time for getting maximum benefits based on their own utility functions. According to the results of simulated case studies, it is demonstrated that the proposed model is able to adapt to different consumers with different levels of flexibility against the price signals. Moreover, simulation results demonstrate that the residential consumption levels can be easily adjusted during the examined period in a way not only to meet the user’s objectives, but also to reshape and smooth the system’s aggregated load profile.

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    KW - Electricity market restructuring

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