Proceedings of the First Mandalika International Multi-Conference on Science and Engineering 2022, MIMSE 2022 (Mechanical and Electrical) (MIMSE-M-E-I-2022)

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Development of Dynamic Pricing Algorithm in a Smart Grid

Authors
Pravat Kumar Ray1, *, Shobhit Nandkeolyar1, Ganji Shashank1, I. Nyoman Wahyu Satiawan2
1Department of Electrical Engineering, National Institute of Technology, Rourkela, 769008, India
2Department of Electrical Engineering, University of Mataram, Mataram, 83115, Indonesia
*Corresponding author. Email: rayp@nitrkl.ac.in
Corresponding Author
Pravat Kumar Ray
Available Online 26 December 2022.
DOI
10.2991/978-94-6463-078-7_32How to use a DOI?
Keywords
Smart Grid; Optimal Dynamic Pricing; Demand Response Management; User Utility; Neural Network
Abstract

Conventional grid has limited power generation resources. Therefore, we need an architecture which fulfil the power demand of the users and can restricts the excess use of power beyond the limit. Since the past few years, smart grid has become a better architecture as it can manage the crucial part of the IoT (Internet of Things). Due to its compatible results along with great performance and the new outlook in the computer intelligence for managing the grid to self-monitoring power consumption, the smart grids have started to replace the conventional grids. Even if we are using the smart grid it may lead to the operator incurring a loss; while satisfying the user’s power demand. Hence, we are designing a system which will trade-off the users’ satisfaction and profit earned by the Smart Grid Operator (SGO). Second goal of the system is to achieve a dynamic pricing scheme for the power consumption, along with maximum power generation. The simulation is carried out by using practical power usage data from ISO (Independent System Operator) New England in Python 3 environment to validate the proposed algorithm’s effectiveness towards maximizing the profit of the SGO without compromising user’s satisfaction.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the First Mandalika International Multi-Conference on Science and Engineering 2022, MIMSE 2022 (Mechanical and Electrical) (MIMSE-M-E-I-2022)
Series
Advances in Engineering Research
Publication Date
26 December 2022
ISBN
10.2991/978-94-6463-078-7_32
ISSN
2352-5401
DOI
10.2991/978-94-6463-078-7_32How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Pravat Kumar Ray
AU  - Shobhit Nandkeolyar
AU  - Ganji Shashank
AU  - I. Nyoman Wahyu Satiawan
PY  - 2022
DA  - 2022/12/26
TI  - Development of Dynamic Pricing Algorithm in a Smart Grid
BT  - Proceedings of the First Mandalika International Multi-Conference on Science and Engineering 2022, MIMSE 2022 (Mechanical and Electrical) (MIMSE-M-E-I-2022)
PB  - Atlantis Press
SP  - 343
EP  - 354
SN  - 2352-5401
UR  - https://doi.org/10.2991/978-94-6463-078-7_32
DO  - 10.2991/978-94-6463-078-7_32
ID  - Ray2022
ER  -