Optimal scheduling of real-time pricing electrical power market considering participation rate of demand response

Stochastic programming model for incentive‐based demand response considering complex uncertainties of consumers

“…To obtain the value of participation ratio at a given incentive price, the concept of price sensitivity of consumers is adopted to model the correlation between participation ratio and incentive price [32, 33]. Although there is no unified mathematical expression of price‐sensitivity function [32–35], there still exists a general character that the function should be a non‐decreasing function according to microeconomic theory. In reality, the back propagation neural network can be utilised to fit the price‐sensitivity function if historical sample data is sufficient where denotes a vector whose entries are incentive prices to consumers.…”