Novel tariff structures have been introduced by power utilities over the past two decades in order to induce load shifts to achieve the aims of load management strategies. As a result of the availability of reliable communications between suppliers and consumers, new 'smart' metering equipment and the re-organization of the UK power supply industry, the potential for dynamic- or spot-price based tariffs has been recognized. In order to ensure the successful introduction of such a pricing scheme, it is important to make use of accurate consumer process models as well as spot-price behavioural models to provide the means by which a consumer would optimize his production schedules in the light of rapidly changing tariffs. This paper builds up consumer models from fundamental process characteristics and applies optimizing techniques incorporating spot-price models in order to develop algorithms which would minimize production costs and contribute towards the philosophy of joint supplier/consumer optimality through spot-pricing.
|Number of pages||14|
|Journal||International Journal of Electrical Power and Energy Systems|
|Publication status||Published - 1994|
- consumer modelling
- load management
- Spot pricing