Tracking Equilibrium Point under Real-Time Price-Based Residential Demand Response

Abstract

This letter proposes a model for tracking the equilibrium point of the real-time locational marginal price (LMP) based residential demand response program, where elastic demand is modeled as a monotonously decreasing linear function of the LMP. The resulting bi-level model contains both primary and dual variables, making it difficult to solve. Using duality, the dual model is formulated as a convex quadratic problem which is tractable to solve and find the global optimum. Furthermore, the condition for the existence of the equilibrium point is given. Numerical results on the IEEE 30-bus system verifies the effectiveness of the demand response model.

Department(s)

Electrical and Computer Engineering

Research Center/Lab(s)

Intelligent Systems Center

Keywords and Phrases

Bi-Level Optimization.; Demand Response; Electrical Engineering; Electricity Supply Industry; Equilibrium Point; Generators; Load Management; Load Modeling; Locational Marginal Price (LMP); Mathematical Model; Real-Time Systems; Security Constrained Economic Dispatch (SCED)

International Standard Serial Number (ISSN)

1949-3053; 1949-3061

Document Type

Article - Journal

Document Version

Citation

File Type

text

Language(s)

English

Rights

© 2020 Institute of Electrical and Electronics Engineers (IEEE), All rights reserved.

Publication Date

24 Nov 2020

Link to Full Text

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