Time-series properties of the power grid with real-time pricing load customers

Author

Huan Zhao ; Feng Zhao ; Jinye Zhao ; Litvinov, E. ; Tesfatsion, L.

fYear

2012

fDate

22-26 July 2012

Firstpage

1

Lastpage

6

Abstract

This study reports agent-based simulation findings regarding the effect of price forecast methods on power market stability. Under the dynamic pricing scheme, the uncleared issue is the emergent behavior of retail customers given the fact that customers have to forecast real-time price to make optimal consumption decisions. The interaction of intelligent retail customers who learn to select forecast methods drives the system dynamics. Simulation results are used to compare with analytical model to draw conclusions on the effect of different factors on the system stability.

Keywords

load forecasting; power grids; power markets; pricing; time series; agent-based simulation findings; intelligent retail customers; optimal consumption decisions; power grid; power market stability; price forecast methods; real-time price; real-time pricing load customers; system stability; time-series properties; Adaptation models; Load modeling; Power system stability; Predictive models; Pricing; Real-time systems; Stability analysis; Agent-based Simulation; Emergent Behavior; Retail Dynamic Pricing; System Stability;

fLanguage

English

Publisher

ieee

Conference_Titel

Power and Energy Society General Meeting, 2012 IEEE

Conference_Location

San Diego, CA

ISSN

1944-9925

Print_ISBN

978-1-4673-2727-5

Electronic_ISBN

1944-9925

Type

conf

DOI

10.1109/PESGM.2012.6344673

Filename

6344673