Real-time pricing algorithm considering load identification for smart grid

Abstract

This paper proposes a multi-real time pricing (RTP) algorithm considering different loads for future smart grid. The key idea is to set different RTPs for different loads. Thanks to the smart meter technology, it is now possible to identify the load types, even if it is just the beginning of the load identification journey. Three types of loads (totally shiftable, partially shiftable and non-shiftable) are introduced to represent consumer's willing of shifting the load from peak periods to off-peak periods. A utility satisfaction function framework network is maximized to obtain the optimal RTPs. Experiment studies verify the effectiveness of the proposed algorithm in reducing the peak load and benefitting both the energy provider and consumers.