Stochastic Short-term Incentive-based Demand Response Scheduling of Load-serving Entities

Ghazvini, Mohammad Ali F.; Faria, Pedro; Morais, Hugo; Vale, Zita

http://hdl.handle.net/10400.22/5925

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Authors

Ghazvini, Mohammad Ali F.

Faria, Pedro

Morais, Hugo

Vale, Zita

Abstract(s)

In competitive electricity markets it is necessary for a profit-seeking load-serving entity (LSE) to optimally adjust the financial incentives offering the end users that buy electricity at regulated rates to reduce the consumption during high market prices. The LSE in this model manages the demand response (DR) by offering financial incentives to retail customers, in order to maximize its expected profit and reduce the risk of market power experience. The stochastic formulation is implemented into a test system where a number of loads are supplied through LSEs.