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

  • Asm Ashraf Mahmud
    ,
  • Paul Sant
    ,
  • Faisal Tariq
    ,
  • David Jazani
Research Output: Chapter in Book/Report/Conference proceeding Conference contribution Peer-review

Sustainable Development Goals

  • SDG 7 - Affordable and Clean Energy
    SDG 7 Affordable and Clean Energy

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.

Publication Information

Output type

Research Output: Chapter in Book/Report/Conference proceeding Conference contribution Peer-review

Original language

English

Pages from-to (Number of pages)

Pages 11-16

Publication milestones

  • Published - 24/10/2016

Publication status

Published - 24/10/2016

Publisher

Institute of Electrical and Electronics Engineers Inc., United States

ISBN (Print)

9781509013050

ISBN (Electronic)

9781509013067

External Publication IDs

  • handle.net: 10547/624223
  • Scopus: 84999648271

Host publication title

2016 Fifth International Conference on Future Generation Communication Technologies (FGCT)

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