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An integration mechanism between demand and supply side management of electricity markets

Liu, Zixu, Zeng, Xiaojun and Meng, Fanlin 2018. An integration mechanism between demand and supply side management of electricity markets. Energies 11 (12) , 3314. 10.3390/en11123314

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Abstract

One of the main challenges in the emerging smart grid is to jointly consider the demand and supply, which is also reflected in the wholesale market (supply side) and the retail market (demand side). When integrating the demand and supply side into one framework, the mechanism for determining the market clearing price has been changed. This is due to the demand variations in the demand side in response to the market clearing price and the change of generation costs in the supply side from the demand variation. In order to find the best balance between the supply and demand under the demand response management scheme, this paper proposes a new integrated supply and demand coordination mechanism for the electricity market and smart pricing methods for generator and retailers. Another important contribution of this paper is to develop an efficient algorithm to find the match equilibrium between the demand and supply sides in the new proposed mechanism. Experimental results demonstrate that the new mechanism can effectively handle unpredictable demand under dynamic retail pricing and support the ISO to dispatch the generation economically. It can also help in achieving the goals of dynamic pricing such as maximizing the profits for retailers

Item Type: Article
Date Type: Publication
Status: Published
Schools: Engineering
Publisher: MDPI
ISSN: 1996-1073
Date of First Compliant Deposit: 10 December 2018
Date of Acceptance: 23 November 2018
Last Modified: 29 Apr 2019 13:16
URI: http://orca.cf.ac.uk/id/eprint/117533

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