A Demand Responsive Customized Price Function for Real-Time Pricing – The Need for Pushing the Boundaries of Grid Modernization.
- Jun 19, 2020 8:45 pm GMT
This item is part of the Special Issue - 2020-06 - Grid Modernization, click here for more
The modernization of the power grid inevitably needs to incorporate the best of the information transfer network in it. This will help in the enhancement of efficiency of the modern grid. One of the oldest problems of the electricity industry is the demand-supply mismatch which creates peaks and troughs in the load profile. One of the effective ways of addressing this problem is through dynamic pricing of electricity. Dynamic pricing is applied in a large number of power utilities worldwide. However, almost all of these implementations are characterized by low level of dynamism in the pricing, namely, block pricing, peak pricing or time-of-day pricing (Spiller, 2020). There is an urgent need of extensively implementing real-time pricing in electricity (Zethmayr & Kolata, 2017), which will enhance the consumers’ responsiveness to the price change and lead to load flattening. This will require huge data transfers in very short intervals of time and hence a very strong data transfer network infrastructure must run parallel to the power grid.
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