DOI:https://doi.org/10.1007/s40565-019-0504-y |
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Incentive-based demand response model for maximizing benefits of electricity retailers |
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Net amount: 538 |
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Author:
Yanxin CHAI1, Yue XIANG1 , Junyong LIU1, Chenghong GU2, Wentao ZHANG3, Weiting XU3
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Author Affiliation:
1 College of Electrical Engineering and Information Technology, Sichuan University, Chengdu 610065, China 2 Department of Electronic and Electrical Engineering, University of Bath, Bath BA2 7AY, UK 3 State Grid Sichuan Economic Research Institute, Chengdu 610000, China
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Foundation: |
This work was supported in part by the National Natural Science Foundation of China (No. 51807127), in part by the Fundamental Research Funds for the Central Universities of China (No. YJ201654), in part by the National Key Research and Development Program of China (No. 2018YFB0905200). |
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Abstract: |
The change of customer behaviors and the fluctuation of spot prices can affect the benefits of electricity retailers. To address this issue, an incentive-based demand response (DR) model involving the utility and elasticity of customers is proposed for maximizing the benefits of retailers. The benefits will increase by triggering an incentive price to influence customer behaviors to change their demand consumptions. The optimal reduction of customers is obtained by their own profit optimization model with a certain incentive price. Then, the sensitivity of incentive price on retailers’ benefits is analyzed and the optimal incentive price is obtained according to the DR model. The case study verifies the effectiveness of the proposed model. |
Keywords: |
Demand response, Customer utility, Price elasticity of demand, Retailer profit, Incentive price |
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Online Time:2019/11/27 |
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