Abstract
The evolution of conventional electric grid into Smart Grid (SG) has enabled utilities as well as consumers to reap fruits due to its time varying price mechanisms. The utilities can acquire benefits by improving stability of grid, lessening blackouts and brownouts, knowing better their consumers power needs and not investing into new infrastructures. On the other hand consumer can also reduce electric bills, gain incentives by installing renewable energy sources and exporting energy to the main grid and attain improved services from utility. Demand Response (DR) is one of the most cost effective and reliable techniques used by utilities for consumers load shifting. In this paper, we are presenting a review of several DR techniques with a specific view on pricing signals, optimization, appliance scheduling used and their benefits. A comprehensive performance comparison is also prepared with the help of multiple criteria of SG paradigm.
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