2022
DOI: 10.1109/jsyst.2021.3132786
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New Real-Time Demand Response Market Co-Optimized With Conventional Energy Market

Abstract: In addition to procuring energy, consumers in electricity markets procure demand response (DR) services. Demand and supply of energy in the electricity market drives the demand for DR services. Through the net benefits test (NBT), economic procurement of DR is limited to an amount that ensures that consumers benefit with the procurement of DR services. However, the NBT neither a) recognizes the coexistence of the DR market with the energy market; nor b) optimizes social welfare in the DR market in concert with… Show more

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Cited by 8 publications
(2 citation statements)
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“…In RTP, the energy price is updated by utilities and circulated to customers in very short notice and mainly on hourly basis. With this approach the customers are also directly exposed to the wholesale electricity prices or locational prices or zonal prices where the utilities specified the rate of electricity as per their generation and transmission costs and those day-ahead market prices are communicated before the actual power delivery (Ma and Venkatesh, 2022). The consumer prices are either as per the direct day-ahead prices or settled at the end of hours on the basis of hourly electricity prices which are averaged in 5-minute prices of that hours.…”
Section: Real Time Pricing (Rtp)mentioning
confidence: 99%
“…In RTP, the energy price is updated by utilities and circulated to customers in very short notice and mainly on hourly basis. With this approach the customers are also directly exposed to the wholesale electricity prices or locational prices or zonal prices where the utilities specified the rate of electricity as per their generation and transmission costs and those day-ahead market prices are communicated before the actual power delivery (Ma and Venkatesh, 2022). The consumer prices are either as per the direct day-ahead prices or settled at the end of hours on the basis of hourly electricity prices which are averaged in 5-minute prices of that hours.…”
Section: Real Time Pricing (Rtp)mentioning
confidence: 99%
“…Literature [ 19 ] proposed a coordinated optimal dispatching model and method of integrated smart energy system considering the demand response of electric heating multi load. Literature [ 20 ] proposed a new real-time demand response market that cooperatively optimizes with the traditional energy market. Although the above research considers the impact of DR and improves the flexibility of power system operation, existing literature does not simultaneously consider the uncertainty risk of network component interruptions such as generator sets and transmission lines.…”
Section: Introductionmentioning
confidence: 99%