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.
Real time pricing algorithm, Distributed algorithm, Smart grids, Matlab
International Journal of Trend in Scientific Research and Development - IJTSRD having
online ISSN 2456-6470. IJTSRD is a leading Open Access, Peer-Reviewed International
Journal which provides rapid publication of your research articles and aims to promote
the theory and practice along with knowledge sharing between researchers, developers,
engineers, students, and practitioners working in and around the world in many areas
like Sciences, Technology, Innovation, Engineering, Agriculture, Management and
many more and it is recommended by all Universities, review articles and short communications
in all subjects. IJTSRD running an International Journal who are proving quality
publication of peer reviewed and refereed international journals from diverse fields
that emphasizes new research, development and their applications. IJTSRD provides
an online access to exchange your research work, technical notes & surveying results
among professionals throughout the world in e-journals. IJTSRD is a fastest growing
and dynamic professional organization. The aim of this organization is to provide
access not only to world class research resources, but through its professionals
aim to bring in a significant transformation in the real of open access journals
and online publishing.