Open AccessIncentive‐based RTP model for balanced and cost‐effective smart grid
Author(s) -
Seok Hyesung,
Kim Sang Phil
Publication year - 2018
Publication title -
iet generation, transmission and distribution
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.92
H-Index - 110
eISSN - 1751-8695
pISSN - 1751-8687
DOI - 10.1049/iet-gtd.2018.5916
Subject(s) - smart grid , incentive , computer science , demand response , scheduling (production processes) , electricity , schedule , grid , energy consumption , unit price , operations research , mathematical optimization , microeconomics , economics , engineering , electrical engineering , operating system , mathematics , geometry
The authors propose an intelligent real‐time pricing (RTP)‐based energy consumption scheduling model, which is especially applicable to more active and balanced demand management in a smart grid. Most previous research studies have not considered the incentive for subscribers who are more likely to move their consumption schedule to the off‐peak period. Therefore, they considered the degree of the sacrifice made by each subscriber to determine an individualised price. As a result, the electricity unit price charged to each subscriber is different. An appropriate incentive coefficient is identified using a genetic algorithm and applied to the RTP model. This approach draws more active rescheduling of the energy consumption and enhances the fairness of a network. Compared with non‐scheduling and day‐ahead scheduling, the authors algorithm reduces the subscribers’ total cost by an average of 24.9 and 15.9%, and increases the corresponding average fairness of the network by 16.7 and 5.4%, respectively. Moreover, they achieved a significant reduction in the peak‐to‐average‐ratio.