Proceedings of the 1st International Conference on Business, Economics, Management Science (BEMS 2019)

Real-time Pricing Mechanism in Smart Grid based on System of Incentive and Penalty

Authors
Mengzhen Li, Yeming Dai, Yan Gao
Corresponding Author
Mengzhen Li
Available Online May 2019.
DOI
https://doi.org/10.2991/bems-19.2019.61How to use a DOI?
Keywords
PMSC; real-time pricing; penalty mechanism; incentive factor; heuristic algorithm.
Abstract
In the smart grid, users, power suppliers and Power Market Scheduling Center are the main participants. In view of the increasing demand response ability of users, an identification mechanism of punishing malicious users and unstable power providers while incenting non-malicious users is proposed, and an optimization model to maximize social welfare is considered to study the real-time pricing problem in smart grid managed by PMSC. The model is analyzed by Lagrange dual method and finally solved by heuristic algorithm to obtain the optimal electricity price and power demand. The simulation results show that the algorithm can converge well and the reliability and stability of power system are optimized under the dual regulation of penalty and incentive. In addition, there is a positive correlation between the incentive factor and users’ utility and social welfare within proper range.
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This is an open access article distributed under the CC BY-NC license.

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Proceedings
1st International Conference on Business, Economics, Management Science (BEMS 2019)
Part of series
Advances in Economics, Business and Management Research
Publication Date
May 2019
ISBN
978-94-6252-720-1
ISSN
2352-5428
DOI
https://doi.org/10.2991/bems-19.2019.61How to use a DOI?
Open Access
This is an open access article distributed under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Mengzhen Li
AU  - Yeming Dai
AU  - Yan Gao
PY  - 2019/05
DA  - 2019/05
TI  - Real-time Pricing Mechanism in Smart Grid based on System of Incentive and Penalty
BT  - 1st International Conference on Business, Economics, Management Science (BEMS 2019)
PB  - Atlantis Press
SN  - 2352-5428
UR  - https://doi.org/10.2991/bems-19.2019.61
DO  - https://doi.org/10.2991/bems-19.2019.61
ID  - Li2019/05
ER  -