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Demand response (DR) programs play a crucial role in improving systemreliability and mitigating price volatility by altering the core profile ofelectricity consumption. This paper proposes a game-theoretical model thatcaptures the dynamic interplay between retailers (leaders) and consumers(followers) in a tariffs-based electricity market under uncertainty. Theproposed procedure offers theoretical and economic insights by analyzing demandflexibility within a hierarchical decision-making framework. In particular, twomain market configurations are examined under uncertainty: i) there exists aretailer that exercises market power over consumers, and ii) the retailer andthe consumers participate in a perfect competitive game. The former case isformulated as a mathematical program with equilibrium constraints (MPEC),whereas the latter case is recast as a mixed-integer linear program (MILP).These problems are solved by deriving equivalent tractable reformulations basedon the Karush-Kuhn-Tucker (KKT) optimality conditions of each agent's problem.  Numerical simulations based on real data from the European Energy Exchangeplatform are used to illustrate the performance of the proposed methodology.The results indicate that the proposed model effectively characterizes theinteractions between retailers and flexible consumers in both perfect andimperfect market structures. Under perfect competition, the economic benefitsextend not only to consumers but also to overall social welfare. Conversely, inan imperfect market, retailers leverage consumer flexibility to enhance theirexpected profits, transferring the risk of uncertainty to end-users.Additionally, the degree of consumer flexibility and their valuation ofelectricity consumption play significant roles in shaping market outcomes.

Dynamic tariff-based demand response in retail electricity market under uncertainty