Effects of Dynamic Pricing on Residential Electricity Bill
Author(s):Moholkar A., Klinkhachorn P., Feliachi A.
Reference: Proceedings of IEEE Power Systems Conference and Exposition, New York, October, 2004
Abstract: Peak load management is indeed an important issue with the utilities. Various utilities have come up with wide spectrum of peak load management programs for the industrial sector based on the Dynamic Pricing of electricity. However, very few utilities in United States offer dynamic retail prices for the residential sector. This article presents simulated results for the effects of various dynamic pricing schedules on the average monthly bills for typical single-family houses. The simulated results indeed show that price responsive load management can be an efficient way of peak load management for the residential sector.
Keywords:Demand Response, Time of Use, Real Time Pricing, Flat rate, Baseline, Load Management