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In this paper, we study the price responsiveness of electricity consumptionfrom empirical commercial and industrial load data obtained from Texas.Employing a dynamical system perspective, we show that price responsive demandcan be modeled as a hybrid of a Hammerstein model with delay following a pricesurge, and a linear ARX model under moderate price changes. It is observed thatelectricity consumption therefore has unique characteristics including (1)qualitatively distinct response between moderate and extremely high prices; and(2) a time delay associated with the response to high prices. It is shown thatthese observed features may render traditional approaches to demand responseand retail pricing based on classical economic theories ineffective. Inparticular, ultimate real-time retail pricing may be limitedly beneficial thanas considered in classical economic theories.

Dynamic Modeling of Price Responsive Demand in Real-time Electricity Market: Empirical Analysis