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A rational behavior of a consumer is analyzed when the user participates in aPeak Time Rebate (PTR) mechanism, which is a demand response (DR) incentiveprogram based on a baseline. A multi-stage stochastic programming is proposedfrom the demand side in order to understand the rational decisions. Theconsumer preferences are modeled as a risk-averse function under additiveuncertainty. The user chooses the optimal consumption profile to maximize hiseconomic benefits for each period. The stochastic optimization problem issolved backward in time. A particular situation is developed when the SystemOperator (SO) uses consumption of the previous interval as thehousehold-specific baseline for the DR program. It is found that a rationalconsumer alters the baseline in order to increase the well-being when there isan economic incentive. As results, whether the incentive is lower than theretail price, the user shifts his load requirement to the baseline settingperiod. On the other hand, if the incentive is greater than the regular energyprice, the optimal decision is that the user spends the maximum possible energyin the baseline setting period and reduces the consumption at the PTR time.This consumer behavior produces more energy consumption in total consideringall periods. In addition, the user with high uncertainty level in his energypattern should spend less energy than a predictable consumer when the incentiveis lower than the retail price.

Rational consumer decisions in a peak time rebate program