Title :
Market optimization for microgrid with Demand Response model
Author :
Venkatesan, Naveen ; Solanki, Jitendra ; Solanki, Sarika Khushalani
Author_Institution :
West Virginia Univ., Morgantown, WV, USA
Abstract :
This paper develops a market optimization model for a microgrid with Demand Side Bidding (DSB) and Demand Response (DR) by residential consumers. Demand Response (DR) models have been developed by utilizing consumer behavior modeling by Price Elasticity Matrices (PEMs) considering different scenarios and levels of consumer rationality. These PEMs are utilized to calculate the levels of demand response for different consumer types and utilized in the bidding mechanism for the double sided microgrid market. The proposed method is tested for different scenarios on a microgrid system with Independent Power Producers (IPPs) and Load Serving Entities (LSEs) for optimized generation and demand response levels so as to minimize cost.
Keywords :
distributed power generation; optimisation; power markets; pricing; LSE; demand response model; demand side bidding; double sided microgrid market; independent power producers; load serving entities; market optimization; microgrid system; price elasticity matrices; Elasticity; Electricity; Load management; Mathematical model; Optimization; Pricing; Real time systems; Demand Response; Load Serving Entity and Demand Side Bidding; Market Optimization; Microgrid; Price Elasticity Matrix;
Conference_Titel :
North American Power Symposium (NAPS), 2011
Conference_Location :
Boston, MA
Print_ISBN :
978-1-4577-0417-8
Electronic_ISBN :
978-1-4577-0418-5
DOI :
10.1109/NAPS.2011.6025176
