Abstract

AbstractIn a smart grid, demand response is an important aspect to efficiently manage the demand generation balance, decrease the cost of power generation as well as the cost to the consumers. The implementation of DR in a power grid consisting of multiple utility companies and consumers is still a challenging task. A Stackelberg game has been proposed in this paper between the users and the utilities in order to maximize the monetary returns. It has been shown that an equilibrium exists in the Stackelberg game. Algorithms have been designed which reach the equilibrium even though localized knowledge regarding the utilities and consumers is available.KeywordsDemand response (DR)Nash equilibriumNon-cooperative game theorySmart gridStackelberg gameStackelberg equilibrium

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