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New Engineering Findings from University of New Mexico Discussed (Contract-theoretic Demand Response Management In Smart Grid Systems)

  • Nov 30, 2020
Economics Daily Report

2020 NOV 26 (NewsRx) -- By a News Reporter-Staff News Editor at Economics Daily Report -- Researchers detail new data in Engineering. According to news reporting from Albuquerque, New Mexico, by NewsRx journalists, research stated, “The sheer growth of electricity demand and the rising number of electricity-hungry devices have highlighted and elevated the need of addressing the demand response management problem in residential smart grid systems. In this article, a novel contract-theoretic demand response management (DRM) framework in residential smart grid systems is introduced based on the principles of labor economics.”

Financial support for this research came from NSF.

The news correspondents obtained a quote from the research from the University of New Mexico, “The residential households produce and consume electricity, acting as dynamic prosumers. Initially, the prosumers’ personal electricity generation and consumption characteristics are captured by introducing the concept of prosumers’ types. Then, the prosumers’ and the electricity market’s profit is depicted in representative utility functions. Based on the labor economics principles, Contract Theory is adopted to design the interactions among the electricity market, which offers personalized rewards to the prosumers in order to buy electricity at an announced price, and the prosumers, who offer their ‘effort’ by paying for the purchased electricity. The contract-theoretic DRM problem is formulated as a maximization problem of the electricity market’s utility, while jointly guaranteeing the optimal satisfaction of the prosumers, under the scenarios of complete and incomplete information from the electricity market’s perspective regarding knowing or not the prosumers’ types, respectively. The corresponding optimization problems are solved following a convex optimization approach and the optimal contracts, i.e., rewards and efforts, are determined.”

According to the news reporters, the research concluded: “Detailed numerical results obtained via modeling and simulation, highlight the key operation features and superiority of the proposed framework.”

For more information on this research see: Contract-theoretic Demand Response Management In Smart Grid Systems. IEEE Access, 2020;8:184976-184987. IEEE Access can be contacted at: Ieee-Inst Electrical Electronics Engineers Inc, 445 Hoes Lane, Piscataway, NJ 08855-4141, USA.

Our news journalists report that additional information may be obtained by contacting Eirini Eleni Tsiropoulou, University of New Mexico, Dept. of Electrical and Computer Engineering, Albuquerque, NM 87131, United States. Additional authors for this research include Nafis Irtija and Fisayo Sangoleye.

The direct object identifier (DOI) for that additional information is: This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.


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