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Summary Retailers in electricity markets face challenges of hourly varying energy prices and consumers' elastic demand. Besides these challenges, utilization of high renewable energy (RE) self‐generation such as solar energy could significantly affect energy procurement and sale prices decisions of a retailer. A retailer with RE self‐generation makes decisions targeting best utilization of RE availability, to maximize its profit. However, a retailer without RE makes decisions considering energy prices and elastic demand. In this perspective, this paper determines optimal Time of Use (ToU) sale prices to be offered and optimal energy procurement portfolio, for a retailer with and without RE, considering elastic demand and wholesale market price uncertainty, aiming to maximize retailer's profit. Case study considers three consumer classes to examine risk neutral and risk averse behavior of a retailer. Results illustrate impact of multiple consumer class behavior on ToU price, procurement strategy, and risk preferences of a retailer.

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