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    Empirical analysis of real time pricing mechanisms for demand side management: contemporary review

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    Authors
    Mahmud, ASM Ashraf
    Sant, Paul
    Tariq, Faisal
    Jazani, David
    Affiliation
    University of Bedfordshire
    Issue Date
    2016-10-24
    Subjects
    real time pricing
    smart grid
    demand response modelling
    
    Metadata
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    Abstract
    The smart grid promises a myriad of benefits for both the consumer and energy service providers. However, realising its potential is subject to solving a number of complex issues. One of the major directions of smart grid research is demand response modelling that aimed at reducing the peak demand and billing by introducing appropriate real time pricing. The main difficulty is in managing the optimum pricing on a real time basis. In this paper, we will provide a state of the art review of an existing approach that models demand response in real time and also the underlying model that is tested with real data by using a stochastic iterative process with simultaneous perturbation stochastic approximation algorithm. Our model shows that real time price is better than a flat rate price. We will provide a brief outlook to the future where we propose a model that takes complex customers' behaviour into consideration. The proposed model includes a real time Price Suggestion Unit (PSU) that assists users to further reduce their electricity price while reducing the aggregate load for the energy providers.
    Citation
    Mahmud A, Sant P, Tariq F, Jazani D (2016) 'Empirical analysis of real time pricing mechanisms for demand side management: Contemporary review', 2016 Fifth International Conference on Future Generation Communication Technologies (FGCT) - Luton, Institute of Electrical and Electronics Engineers Inc..
    Publisher
    Institute of Electrical and Electronics Engineers Inc.
    URI
    http://hdl.handle.net/10547/624223
    DOI
    10.1109/FGCT.2016.7605071
    Additional Links
    https://ieeexplore.ieee.org/document/7605071
    Type
    Conference papers, meetings and proceedings
    Language
    en
    ISBN
    9781509013050
    ae974a485f413a2113503eed53cd6c53
    10.1109/FGCT.2016.7605071
    Scopus Count
    Collections
    Computing

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