NDLI: Economic demand response model in liberalised electricity markets with respect to flexibility of consumers

Content Provider	IET Digital Library
Author	Sharifi, Reza Moghaddam, Amjad Anvari Fathi, Seyed Hamid Guerrero, Josep M. Vahidinasab, Vahid
Abstract	Before restructuring in the electricity industry, the primary decision-makers of the electricity market were deemed to be power generation and transmission companies, market regulation boards, and power industry regulators. In this traditional structure, consumers were interested in receiving electricity at flat rates while paying no attention to the problems of this industry. This attitude was the source of many problems, sometimes leading to collapse of power systems and widespread blackouts. Restructuring of the electricity industry however provided a multitude of solutions to these problems. The most important solution can be demand response (DR) programs. This study proposes an economic DR model for residential consumers in liberalised electricity markets to change their consumption pattern from times of high-energy prices to other times to maximise their utility functions. This economic model is developed based on constant elasticity of substitution utility function known as one of the most popular utility functions in microeconomics. Simulation results indicate that the proposed model is adaptable to any group of residential consumers with any disposition towards participation in DR programs and can be adjusted for any time period according to the preference given by the residential consumer.
Starting Page	4291
Ending Page	4298
Page Count	8
ISSN	17518687
Volume Number	11
e-ISSN	17518695
Issue Number	Issue 17, Nov (2017)
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/iet-gtd/11/17
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/10.1049/iet-gtd.2017.0412
Journal	IET Generation, Transmission & Distribution
Publisher Date	2017-10-13
Access Restriction	Open
Rights Holder	© The Institution of Engineering and Technology
Subject Keyword	Consumers Flexibility Consumption Pattern Demand Side Management Economic Demand Response Model Economic DR Model Electricity Industry Restructuring Electricity Market Liberalisation High-energy Price Market Regulation Boards Microeconomics Power Generation Companies Power Industry Regulator Power Market Power System Collapse Power System Economics Power System Managemen Power System Operation Power Transmission Companies Pricing Substitution Utility Function Elasticity Utility Function Maximisation
Content Type	Text
Resource Type	Article
Subject	Control and Systems Engineering Energy Engineering and Power Technology Electrical and Electronic Engineering

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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
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
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9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in

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