A novel demand side management strategy implementation utilizing real-time pricing schemes

Abstract

Demand Side Management (DSM) refers to a set of measures targeting at load modifications in periods of high electricity generation costs, supply shortage and grid" s techno-economic constrains. This paper proposes a novel DSM strategy for load management of consumers that are eligible for the implementation of Real-Time Pricing (RTP) schemes. The DSM strategy is formulated as a constrained optimization problem that can be easily solved and therefore, making it an ideal tool for Retailers" decision making framework in day-ahead competitive electricity markets.