Optimal Real-Time Pricing of Electricity Based on Switched Markov Chain Models and Welfare Maximization

2016 ◽  
Author(s):  
Koichi Kobayashi
Keyword(s):  
Markov Chain ◽  
Real Time ◽  
Welfare Maximization ◽  
Markov Chain Models ◽  
Real Time Pricing

Real-Time Pricing of Smart Grid Based on Piece-Wise Linear Functions

2019 ◽  
Vol 7 (4) ◽  
pp. 295-316
Author(s):  
Zhihong Xu ◽  
Liangyu Guo ◽  
Yan Gao ◽  
Muhammad Hussain ◽  
Panhong Cheng
Keyword(s):  
Social Welfare ◽  
Real Time ◽  
Electricity Consumption ◽  
Optimization Method ◽  
Linear Functions ◽  
Cost Functions ◽  
Welfare Maximization ◽  
Social Welfare Maximization ◽  
Linear Utility ◽  
Real Time Pricing

Abstract In a power grid system, utility is a measure of the satisfaction of users’ electricity consumption; cost is a monetary value of electricity generated by the supplier. The utility and cost functions represent the satisfaction of different users and the supplier. Quadratic utility, logarithmic utility, and quadratic cost functions are widely used in social welfare maximization models of real-time pricing. These functions are not universal; they have to be discussed in detail for individual models. To overcome this problem, a piece-wise linear utility function and a piece-wise linear cost function with general properties are proposed in this paper. By smoothing the piece-wise linear utility and cost functions, a social welfare maximization model can be transformed into a differentiable convex optimization problem. A dual optimization method is used to solve the smoothed model. Through mathematical deduction and numerical simulations, the rationality of the model and the validity of the algorithm are verified as long as the elastic and cost coefficients take appropriate values. Thus, different user types and the supplier can be determined by selecting different elastic and cost coefficients.

scholarly journals Real-Time Data Center's Telemetry Reduction and Reconstruction Using Markov Chain Models

2019 ◽  
Vol 13 (4) ◽  
pp. 4039-4050 ◽  
Author(s):  
Shuja-ur-Rehman Baig ◽  
Waheed Iqbal ◽  
Josep Lluis Berral ◽  
Abdelkarim Erradi ◽  
David Carrera
Keyword(s):  
Markov Chain ◽  
Real Time ◽  
Time Data ◽  
Markov Chain Models ◽  
Real Time Data

scholarly journals Techno-Economic Planning and Operation of the Microgrid Considering Real-Time Pricing Demand Response Program

Energies ◽  
2021 ◽  
Vol 14 (15) ◽  
pp. 4597
Author(s):  
Zi-Xuan Yu ◽  
Meng-Shi Li ◽  
Yi-Peng Xu ◽  
Sheraz Aslam ◽  
Yuan-Kang Li
Keyword(s):  
Real Time ◽  
Demand Response ◽  
Positive Impact ◽  
Environmental Aspects ◽  
Component Size ◽  
Cost Of Energy ◽  
Four Seasons ◽  
Demand Response Program ◽  
Real Time Pricing

The optimal planning of grid-connected microgrids (MGs) has been extensively studied in recent years. While most of the previous studies have used fixed or time-of-use (TOU) prices for the optimal sizing of MGs, this work introduces real-time pricing (RTP) for implementing a demand response (DR) program according to the national grid prices of Iran. In addition to the long-term planning of MG, the day-ahead operation of MG is also analyzed to get a better understanding of the DR program for daily electricity dispatch. For this purpose, four different days corresponding to the four seasons are selected for further analysis. In addition, various impacts of the proposed DR program on the MG planning results, including sizing and best configuration, net present cost (NPC) and cost of energy (COE), and emission generation by the utility grid, are investigated. The optimization results show that the implementation of the DR program has a positive impact on the technical, economic, and environmental aspects of MG. The NPC and COE are reduced by about USD 3700 and USD 0.0025/kWh, respectively. The component size is also reduced, resulting in a reduction in the initial cost. Carbon emissions are also reduced by 185 kg/year.

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