Abstract
In a real-time electricity pricing context where consumers are sensitive to varying prices, having the ability to anticipate their response to a price change is valuable. This paper proposes models for the dynamics of such price-response, and shows how these dynamics can be used to control electricity consumption using a one-way price signal. Estimation of the price-response is based on data measurable at grid level, removing the need to install sensors and communication devices between each individual consumer and the price-generating entity. An application for price-responsive heating systems is studied based on real data, before conducting a control by price experiment using a mixture of real and synthetic data. With the control objective of following a constant consumption reference, peak heating consumption is reduced by nearly 5%, and 11% of the mean daily heating consumption is shifted.
Original language | English |
---|---|
Journal | IEEE Transactions on Power Systems |
Volume | 28 |
Issue number | 1 |
Pages (from-to) | 421-430 |
Number of pages | 9 |
ISSN | 0885-8950 |
DOIs | |
Publication status | Published - 2013 |
Keywords
- Adaptive estimation
- Control by price
- Demand forecasting
- Predictive control
- Price-response
- Real-time pricing