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Item Price Elasticity is used to quantify the responsiveness of consumer demand to changes in item prices, enabling businesses to create pricing strategies and optimize revenue management. Sectors such as store retail, e-commerce, and…
Demand response (DR) refers to change in electricity consumption pattern of customers during on-peak hours in lieu of financial gains to reduce stress on distribution systems. Existing dynamic price models have not provided adequate success…
The widespread deployment of Advanced Metering Infrastructure has made granular data of residential electricity consumption available on a large scale. Smart meters enable a two way communication between residential customers and utilities.…
Residential customers have traditionally not been treated as individual entities due to the high volatility in residential consumption patterns as well as a historic focus on aggregated loads from the utility and system feeder perspective.…
Demand-side response programs which also called Demand Response (DR) are interesting ways to attract consumers' participation in order to improve electric consumption patterns. DR programs motivate customers to change consumption patterns…
One of the major issues with the integration of renewable energy sources into the power grid is the increased uncertainty and variability that they bring. If this uncertainty is not sufficiently addressed, it will limit the further…
The rapid proliferation of distributed energy resources (DERs) and the electrification of residential loads offer significant potential for grid flexibility but pose stability challenges under static pricing regimes. Specifically, high…
Residential Demand Response has emerged as a viable tool to alleviate supply and demand imbalances of electricity, particularly during times when the electric grid is strained due a shortage of supply. Demand Response providers bid…
To respond to volatility and congestion in the power grid, demand response (DR) mechanisms allow for shaping the load compared to a base load profile. When tapping on a large population of heterogeneous appliances as a DR resource, the…
In the Smart Grid environment, the advent of intelligent measuring devices facilitates monitoring appliance electricity consumption. This data can be used in applying Demand Response (DR) in residential houses through data analytics, and…
In this paper, we propose a realistic multiple dynamic pricing approach to demand response in the retail market. First, an adaptive clustering-based customer segmentation framework is proposed to categorize customers into different groups…
There is an opportunity in modern power systems to explore the demand flexibility by incentivizing consumers with dynamic prices. In this paper, we quantify demand flexibility using an efficient tool called time-varying elasticity, whose…
This two-part paper addresses the design of retail electricity tariffs for distribution systems with distributed energy resources such as solar power and storage. In particular, the optimal design of dynamic two-part tariffs for a regulated…
The performance of an energy system under a real-time pricing mechanism depends on the consumption behavior of its customers, which involves uncertainties. In this paper, we consider a system operator that charges its customers with a…
The conventional practice of retail electric utilities is to aggregate customers geographically. The utility purchases electricity for its customers via bulk transactions on the wholesale market, and it passes these costs along to its…
The problem of dynamic pricing of electricity in a retail market is considered. A Stackelberg game is used to model interactions between a retailer and its customers; the retailer sets the day-ahead hourly price of electricity and consumers…
This paper presents a dynamic pricing and energy management framework for electric vehicle (EV) charging service providers. To set the charging prices, the service providers faces three uncertainties: the volatility of wholesale electricity…
In electricity markets, retailers or brokers want to maximize profits by allocating tariff profiles to end consumers. One of the objectives of such demand response management is to incentivize the consumers to adjust their consumption so…
Demand Response (DR) has a widely recognized potential for improving grid stability and reliability while reducing customers energy bills. However, the conventional DR techniques come with several shortcomings, such as inability to handle…
Further electrification of the economy is expected to sharpen ramp rates and increase peak loads. Flexibility from the demand side, which new technologies might facilitate, can help these operational challenges. Electric utilities have…