Electricity supply do not always satisfy customers' demand, which results in peak demand periods. When demand is at its peak, electricity providers have to react to meet the demand and avoid interruptions by boosting the capacity which is costly and not always possible. In addition to fluctuation in demand, price of electricity production changes continuously due to the variation in resources used for production over periods.
Yet, the consumers pay the same price for the electricity unit both in on-peak and off-peak periods. A proposed solution would be the use of real time pricing (RTP) of electricity. The end-users will be involved in the electric grid and will have control on the consumption over different periods either by reducing or by shifting it to off-peak periods as a reaction to RTP. The results obtained prove that not only the electric utility, but also, the subscribers will benefit.
Comparing the results of RTP algorithm to a scenario where price is fixed, we notice that the aggregate utility of every user is higher using RTP algorithm. Along with RTP algorithm we would like to suggest Distributed algorithm that automatically manages the smart meter and the electricity provider interactions.
The results from the simulation shows that the proposed RTP algorithm and distributed algorithm can potentially benefit both customer and the electricity providers.
by S. Varun Kumar | S. M Jayasurya "Smart Grid Infrastructure for Efficient Power Consumption Using Real Time Pricing Algorithm"
Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-2 , February 2018,
URL: http://www.ijtsrd.com/papers/ijtsrd9655.pdf
Direct Link - http://www.ijtsrd.com/engineering/mechanical-engineering/9655/smart-grid-infrastructure-for-efficient-power-consumption-using-real-time-pricing-algorithm/s-varun-kumar
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