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Locational Marginal Price (LMP) is a dual variable associated withsupply-demand matching and represents the cost of delivering power to aparticular location if the load at that location increases. In recent times itbecome more volatile due to increased integration of renewables that areintermittent. The issue of price volatility is further heightened duringperiods of grid congestion. Motivated by these problems, we propose a marketdesign where, by constraining dual variables, we determine the amount ofdemand-side flexibility required to limit the rise of LMP. Through our proposedapproach a price requesting load can specify its maximum willingness to pay forelectricity and through demand-side flexibility hedge against price volatility.For achieving this, an organizational structure for flexibility management isproposed that exhibits the coordination required between the DistributionSystem Operator (DSO), an aggregator and the price requesting load. Todemonstrate the viability of our proposed formulation, we run an illustrativesimulation under infinite and finite line capacities.

The Role of Demand-Side Flexibility in Hedging Electricity Price Volatility in Distribution Grids