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Conference Paper: Pricing Mechanism for Demand Response based on Penalty Paradigm
Title | Pricing Mechanism for Demand Response based on Penalty Paradigm |
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Authors | |
Issue Date | 2019 |
Publisher | IEEE. |
Citation | IEEE PES PowerTech Conference: Leading Innovation for Energy Transition, Milano, Italy, 23-27 June 2019 How to Cite? |
Abstract | The peak-demand periods differ among consumers and hence their contributions to the system peak-demand in an electricity network. Usually, the price-based demand response (DR) mechanisms produce the price-signals for reducing peak-demand without differentiating the consumers based on their contribution to the peak-demand. It is necessary to design a DR price-signal which can differentiate peak-demand contributing consumer and non-contributing consumer. To address this issue, a two-tier pricing mechanism is proposed for the day-ahead market, where price is composed of a fixed basic-price and a time-varying penalty-price. Consumer demand-bids are divided into two components: basic-component and penalty-component. Basic-price rate applies to the basic-component and the penalty-price rate for the penalty-component. Results show that the proposed pricing mechanism increased the electricity bill for contributing consumers in contrast to non-contributing consumers. Further, DR is implemented for the consumers having penalty-component via demand-rebid mechanism. |
Description | PS 1A - Planning and Operation of Power Systems Under Market Conditions - Electricity Market and Pricing Mechanism - Paper ID 167 - Student paper |
Persistent Identifier | http://hdl.handle.net/10722/271427 |
DC Field | Value | Language |
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dc.contributor.author | Basnet, A | - |
dc.contributor.author | Zhong, J | - |
dc.date.accessioned | 2019-06-24T01:09:40Z | - |
dc.date.available | 2019-06-24T01:09:40Z | - |
dc.date.issued | 2019 | - |
dc.identifier.citation | IEEE PES PowerTech Conference: Leading Innovation for Energy Transition, Milano, Italy, 23-27 June 2019 | - |
dc.identifier.uri | http://hdl.handle.net/10722/271427 | - |
dc.description | PS 1A - Planning and Operation of Power Systems Under Market Conditions - Electricity Market and Pricing Mechanism - Paper ID 167 - Student paper | - |
dc.description.abstract | The peak-demand periods differ among consumers and hence their contributions to the system peak-demand in an electricity network. Usually, the price-based demand response (DR) mechanisms produce the price-signals for reducing peak-demand without differentiating the consumers based on their contribution to the peak-demand. It is necessary to design a DR price-signal which can differentiate peak-demand contributing consumer and non-contributing consumer. To address this issue, a two-tier pricing mechanism is proposed for the day-ahead market, where price is composed of a fixed basic-price and a time-varying penalty-price. Consumer demand-bids are divided into two components: basic-component and penalty-component. Basic-price rate applies to the basic-component and the penalty-price rate for the penalty-component. Results show that the proposed pricing mechanism increased the electricity bill for contributing consumers in contrast to non-contributing consumers. Further, DR is implemented for the consumers having penalty-component via demand-rebid mechanism. | - |
dc.language | eng | - |
dc.publisher | IEEE. | - |
dc.relation.ispartof | IEEE PES PowerTech Conference | - |
dc.rights | IEEE PES PowerTech Conference. Copyright © IEEE. | - |
dc.title | Pricing Mechanism for Demand Response based on Penalty Paradigm | - |
dc.type | Conference_Paper | - |
dc.identifier.email | Zhong, J: jinzhong@hkucc.hku.hk | - |
dc.identifier.authority | Zhong, J=rp00212 | - |
dc.identifier.hkuros | 298112 | - |
dc.publisher.place | United States | - |