An overview and evaluation on demand response program in Singapore electricity market

In this paper, we present an overview on the policy on demand response (DR) implementation in the wholesale energy market of Singapore, and carry out a study on the cost and benefits for market participants from a retailer´s perspective. To assist the retailers in demand-side bidding, we propose to classify the load resources into critical load, prior sheddable load and optional sheddable load. In addition, we present a simulation platform that has been built using multi-agent technologies by incorporating relevant details of Singapore energy market structure and real electricity price data. Our considerations on incentive payment, penalty, and load shedding in the simulation model of the DR program conform to the recent policy released by energy authority in Singapore. We present simulation results to demonstrate the cost and benefits from the load aggregator´s or retailer´s perspective through participating in DR program in the context of Singapore energy market. To the best of our knowledge, it is the first work that presents such an overview and analysis on the demand response program in the Singapore context.