A real-time demand response market through a repeated incomplete-information game

Motalleb, Mahdi; Annaswamy, Anuradha M.; Ghorbani, Reza

doi:10.1016/j.energy.2017.10.129

Cited by 39 publications

(26 citation statements)

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“…Based on the day-ahead load and renewable energy forecasts, the timeperiod partition updates daily into the peak, valley, and intermediate periods [215]. A market-based DR program through a game-theoretic framework is proposed in [216]. The authors developed a dynamic pricing model composed of both Real-Time Pricing (RTP) and ToUP.…”

Section: Time Of Use Pricing (Toup)mentioning

confidence: 99%

The Paradigm Revolution in the Distribution Grid: The Cutting-Edge and Enabling Technologies

Thasnimol

Rajathy

2020

Open Computer Science

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Bi-directional information and energy flow, renewable energy sources, battery energy storage, electric vehicle, self-healing capability, and demand response programs, etc., revolutionized the traditional distribution network into the smart distribution network. Adoption of modern technologies like intelligent meters such as advanced metering infrastructure & Micro-phasor measurement units, data storage, and analysis techniques and incentive-based electricity trading mechanisms can bring this paradigm shift. This study presents an overview of popular technologies that facilitate this transformation, giving focus on some prime technologies such as real-time monitoring based on Micro-phasor measurement units, data storage and analytics, blockchain technology, multi-agent systems, and incentive-based energy trading mechanisms

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Section: Time Of Use Pricing (Toup)mentioning

confidence: 99%

The Paradigm Revolution in the Distribution Grid: The Cutting-Edge and Enabling Technologies

Thasnimol

Rajathy

2020

Open Computer Science

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“…In addition, researchers in [104]- [109] also use EGT to simulate and analyze the strategic bidding behavior of power producers in competitive EMs or renewable portfolio standard. Moreover, researchers use EGT to model the electricity selling competition among multiple power producers [110], to model the peak-shaving behavior of thermal power plants [111] and the behavior of renewable energy power plants under the incentive mechanism [112], to model the supply-demand interaction (e.g., supplier-consumer interac-tion in an EM) of power systems [113]- [115], and to investigate the generation expansion planning under the background of EM [116].…”

Section: ) Power Dr Between Electricity User Side and Electricity Sumentioning

confidence: 99%

“…In contrast, one of the main application aspects of the dynamic Bayesian game with incomplete information is signaling game [153], such as enterprise investment game and employment market signal game [43]. In terms of power DR in the EM, Bayesian game theory has been preliminarily applied by scholars in following aspects: DRM, real-time DR and energy trading in the smart grid or microgrid [52], [110], [154]- [157], bidding strategy formulation of generation companies [133], [146], [158]- [163], incentive mechanism in electricity auction market [153], [164], [165], contract negotiation [166], [167], electric power bidding under uncertain demand [168]. For this reason, we separately choose Bayesian game from the noncooperative game theory and conduct a survey on its application in the EM from the perspective of power DR among electricity supplier side (e.g., power generation companies), electricity seller side (e.g., power grid companies, power sales companies, load aggregator), and electricity user side (e.g., small and medium users, large users, distributed new energy users) in this section.…”

Section: Bayesian Game-theoretic Approach and Its Applications Imentioning

confidence: 99%

“…Certainly, Bayesian game theory has also been employed by researchers in [110] aiming at modeling the competition between DR aggregators on the electricity seller side to sell aggregated energy stored in storage devices directly to other aggregators in an EM which is cleared in each time interval of a day using a repeated game-theoretic framework. At this point, the RTP in each time interval of a day with updating demand and supply and the TOU with demand price-based scheduling through dynamic programming are considered in the proposed market framework.…”

Section: B a Survey 1) Power Dr Between Electricity User Side And Elmentioning

confidence: 99%

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Game-Theoretic Approaches Applied to Transactions in the Open and Ever-Growing Electricity Markets From the Perspective of Power Demand Response: An Overview

Cheng

2019

IEEE Access

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This paper conducts a detailed overview on game-theoretic approaches for power demand response (DR) in the open and ever-growing electricity market (EM) in terms of three major categories of games, including non-cooperative game, cooperative game, and evolutionary game. In addition, we also separately review the Stackelberg game and Bayesian game in power DR. First, we briefly describe the main contents of game theory and the game behaviors of the electricity sellers, electricity suppliers, and electricity users in EM. Second, we comprehensively introduce the principle of the above-mentioned five categories of games and thoroughly review their applications in power DR in the context of open EMs, considering the transactions such as electricity pricing and electricity capacity trading among the electricity supplier side, electricity seller side, and electricity user side in the perfect open EMs, such as retail market, spot market, wholesale market, and ancillary service market. In this survey, aiming at each type of game mentioned above, we try to summarize the advantages and shortcomings of their application in EM in terms of power DR, as well as the issues that need to be solved currently or in the future. Finally, we offer some prospects on the scenario application and future development of game-theoretic approaches for power DR in an open EM. The biggest innovation of this paper lies in conducting a comprehensive survey on game-theoretic approaches applied to transactions in the open and ever-growing EMs from the perspective of power DR in terms of five major categories of games. We conduct this survey intended to arouse the interest and excitement of experts and scholars in the energy and electric power system industry and to look ahead to efforts that jointly promote the rapid development of game theory in the perfect open EM field.

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“…This model can help the residential consumers to administer their appliances in a way to minimize the energy consumption costs over the time. In [16], authors propose a method that the optimal prices during various times in a day are reported to the consumers simultaneously and users would minimize their costs and optimally schedule their power usage accordingly as a part of participation in DR program. Reference [17] designs a novel self-scheduling framework for DR aggregators.…”

Section: Literature Reviewmentioning

confidence: 99%

An optimal market-oriented demand response model for price-responsive residential consumers

et al. 2018

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For many years in the wholesale electricity market, the generation companies would only seek to compete with each other to sell electric energy to customers in a way to make more profit. Moreover, there was no mechanism in such an environment to enable demand-side participation especially for residential building units with relatively high power consumptions. This caused the increasing market power of generation companies and soon to realize that the demand-side would yield to any price to purchase the required energy. Having gradually identified this issue, demand response (DR) programs were introduced as confronting tools to help consumers being away from such situations. This paper proposes an effective market-oriented DR model for residential consumers to change their consumption patterns over the time for getting maximum benefits based on their own utility functions. According to the results of simulated case studies, it is demonstrated that the proposed model is able to adapt to different consumers with different levels of flexibility against the price signals. Moreover, simulation results demonstrate that the residential consumption levels can be easily adjusted during the examined period in a way not only to meet the user's objectives, but also to reshape and smooth the system's aggregated load profile.

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A real-time demand response market through a repeated incomplete-information game

Cited by 39 publications

References 40 publications

The Paradigm Revolution in the Distribution Grid: The Cutting-Edge and Enabling Technologies

The Paradigm Revolution in the Distribution Grid: The Cutting-Edge and Enabling Technologies

Game-Theoretic Approaches Applied to Transactions in the Open and Ever-Growing Electricity Markets From the Perspective of Power Demand Response: An Overview

An optimal market-oriented demand response model for price-responsive residential consumers

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