Abstract
Smart metering in electricity markets offers an opportunity to explore more diverse tariff structures. In this article residential electricity demand and the System Marginal Price of Ireland’s Single Electricity Market are simulated to estimate the wholesale risk associated with possible tariffs. A genetic algorithm (GA) with a stochastic fitness function is proposed to search for time-of-use tariffs that minimise wholesale risk to the supplier in residential markets. Alternative search algorithms and fitness functions are investigated in detail, as well as trade-offs in GA and simulation parameter settings.
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