TY - GEN
T1 - Real-time electricity pricing for demand response using online convex optimization
AU - Kim, Seung Jun
AU - Giannakis, Geogios B.
PY - 2014
Y1 - 2014
N2 - Real-time electricity pricing strategies for demand response in smart grids are proposed. By accounting for individual consumers' responsiveness to prices, adjustments are made so as to induce desirable usage behavior and reduce peaks in load curves. An online convex optimization framework is adopted, which provides performance guarantees with minimal assumptions on the dynamics of load levels and consumer responsiveness. Two feedback structures are considered: a full information setup, where aggregate load levels as well as individual price elasticity parameters are directly available; and a partial information (bandit) case, where only the load levels are revealed. Fairness and sparsity constraints are also incorporated. Numerical tests verify the effectiveness of the proposed approach.
AB - Real-time electricity pricing strategies for demand response in smart grids are proposed. By accounting for individual consumers' responsiveness to prices, adjustments are made so as to induce desirable usage behavior and reduce peaks in load curves. An online convex optimization framework is adopted, which provides performance guarantees with minimal assumptions on the dynamics of load levels and consumer responsiveness. Two feedback structures are considered: a full information setup, where aggregate load levels as well as individual price elasticity parameters are directly available; and a partial information (bandit) case, where only the load levels are revealed. Fairness and sparsity constraints are also incorporated. Numerical tests verify the effectiveness of the proposed approach.
UR - http://www.scopus.com/inward/record.url?scp=84901942877&partnerID=8YFLogxK
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U2 - 10.1109/ISGT.2014.6816447
DO - 10.1109/ISGT.2014.6816447
M3 - Conference contribution
AN - SCOPUS:84901942877
SN - 9781479936526
T3 - 2014 IEEE PES Innovative Smart Grid Technologies Conference, ISGT 2014
BT - 2014 IEEE PES Innovative Smart Grid Technologies Conference, ISGT 2014
PB - IEEE Computer Society
T2 - 2014 IEEE Power and Energy Society Innovative Smart Grid Technologies Conference, ISGT 2014
Y2 - 19 February 2014 through 22 February 2014
ER -