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Demand response (DR) refers to change in electricity consumption pattern ofcustomers during on-peak hours in lieu of financial gains to reduce stress ondistribution systems. Existing dynamic price models have not provided adequatesuccess to price-based demand response (PBDR) programs. It happened as thesemodels have raised typical socio-economic problems pertaining to cross-subsidy,free-riders, social inequity, assured profit of utilities, financial gains andcomfort of customers, etc. This paper presents a new dynamic price model forPBDR in distribution systems which aims to overcome some of the above mentionedproblems of the existing price models. The main aim of the developed pricemodel is to overcome the problems of cross-subsidy and free-riders of theexisting price models for widespread acceptance, deployment and efficientutilization of PBDR programs in contemporary distribution systems. Proposedprice model generates demand-linked price signal that imposes different pricesignals to different customers during on-peak hours and remains staticotherwise. This makes proposed model a class apart from other existing models.The novelty of the proposed model lies in the fact that the financial benefitsand penalties pertaining to DR are self-adjusted among customers whilepreserving social equity and profit of the utility. Such an ideology has notbeen yet addressed in the literature. Detailed investigation of applicationresults on a standard test bench reveals that the proposed model equally caresregarding the interests of both customers and utility. For economic assessment,a comparison of the proposed price model with the existing pricing models isalso performed.

Rational Dynamic Price Model for Demand Response Programs in Modern Distribution Systems