Open AccessA Novel Way to Select the Optimal Electrical Power Demand Management Provider forRobust Smart Grid
Publication year - 2020
Publication title -
international journal of circuits, systems and signal processing
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.156
H-Index - 13
ISSN - 1998-4464
DOI - 10.46300/9106.2020.14.66
Subject(s) - service provider , smart grid , risk management , risk analysis (engineering) , demand response , demand management , business , computer science , environmental economics , service (business) , marketing , economics , finance , engineering , electricity , electrical engineering , macroeconomics
The smart grid is an integrated management ofpower demand and supply that cannot be achieved withoutefficient power demand management because it integratesinformation technology and shares power information in real timeto maximize power efficiency. Efficient power demandmanagement must prevent or minimize risks in advance betweenthe customer and the demand management provider. This studyproposes a method that can evaluate the risks that impede efficientpower demand management and select the most robust demandmanagement provider with respect to these risks. This paperapplies the Grey system theory to obtain objectivity by calculatingthe quantitative value and risk ambiguity of uncertainty. Sixpower demand management service providers are evaluatedthrough the opinion of four risk management experts consideringeight risk factors with a view to selecting the optimum powerdemand management service provider for the consumer. Inconclusion, this study applies the Grey system theory to the riskfactors of six power demand management service providers,determines the ranking from the best power demand managementservice provider to the inferior power demand managementservice provider, and provides the most desirable provider tocustomers.