NDLI: Deadline differentiated pricing of deferrable electric power service

Content Provider	IEEE Xplore Digital Library
Author	Bitar, E. Low, S.
Copyright Year	2012
Description	Author affiliation: School of Electrical and Computer Engineering, Cornell University, Ithaca, NY 14853, USA (Bitar, E.) \|\| Department of Electrical Engineering, California Institute of Technology, Pasadena, 91125, USA (Low, S.)
Abstract	As the penetration of wind and solar energy into the electric grid continues to grow, there will be an increasing need to evolve demand-side solutions capable of compensating the inherent variability in power supply from such renewable resources. Today, demand is largely treated as inelastic. However, the power requirements of many commercial and residential loads are such that a fraction of power demand at any given moment is inherently deferrable in time subject to a deadline constraint on the total energy supplied. Examples include thermal systems such as refrigerators, water heaters, HVAC systems, data centers, and, assuming mass adoption of plug-in electric vehicles, batteries. In this paper, we discuss some limitations of dynamic pricing mechanisms (e.g., real-time pricing) as a means of inducing demand response and suggest a novel forward contracting mechanism for deadline-differentiated deferrable energy contracts to alleviate some of these difficulties. Essentially, consumers who consent to deferral of their consumption in time - subject to a pre-specified deadline - will receive a discounted per-unit price for said energy. In this way, the supplier is capable of extracting flexibility in the delivery of energy to participating deferrable loads, while consumers receive a discount on energy with an associated deadline guarantee on delivery. The supply side is modeled as random to capture variability in renewable power supply. Using a general model for consumer preferences to capture the effect of consumption deferral on utility, we prove the existence of a competitive equilibrium and provide a characterization of deadline-differentiated prices yielding such an equilibrium. We also discuss provably optimal online scheduling policies to dynamically allocate the variable supply to a bundle of deadline-differentiated energy tasks.
Starting Page	4991
Ending Page	4997
File Size	549778
Page Count	7
File Format	PDF
ISBN	9781467320658
ISSN	07431546
e-ISBN	9781467320665
e-ISBN	9781467320641
DOI	10.1109/CDC.2012.6425944
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2012-12-10
Publisher Place	USA
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Pricing Contracts Optimal scheduling Load management Renewable energy resources Real-time systems Vectors Deadline Scheduling Renewable Energy Demand Response Smart Grid Pricing Mechanisms
Content Type	Text
Resource Type	Article
Subject	Control and Optimization Control and Systems Engineering Modeling and Simulation

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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