Optimal demand response based on time-correlated utility in forward power markets
This paper is concerned with integration of demand response from small loads such as residential small appliance into forward electricity market. We use a simple model and formulate the problem as a dynamic program that maximizes social welfare. We focus particularly in those electric appliances wit...
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Published in | 2015 IEEE PES Innovative Smart Grid Technologies Latin America (ISGT LATAM) pp. 597 - 602 |
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Main Authors | , , |
Format | Conference Proceeding |
Language | English |
Published |
IEEE
01.10.2015
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Subjects | |
Online Access | Get full text |
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Summary: | This paper is concerned with integration of demand response from small loads such as residential small appliance into forward electricity market. We use a simple model and formulate the problem as a dynamic program that maximizes social welfare. We focus particularly in those electric appliances with intertemporal consumption constraint. The satisfaction of end-users from operating them are captured through a utility function, which is also time-correlated. We pursued Lagrange decomposition in order to solve the high complexity problem optimization of the complete system. The main purpose is to optimally schedule a day in advance Local Service Entity's (LSE) procurement and final-users consumption in the forward electricity market. |
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DOI: | 10.1109/ISGT-LA.2015.7381222 |