Abstract
Paper proposes fair and dynamic pricing strategy, Real Time Fair Peak Pricing (RTFPP), for residential demand response program which takes into account the intensity of increased load above baseline (must run load) of each user and charge accordingly. Proposed methodology has the potential to increase user confidence, by the induction of fairness and baseline flexibility, hence increasing participation in residential demand response programs for economic operation of system. An algorithm is developed to impose RTFPP scheme on given user, in peak periods, for billing. To show the benefits, diverse realistic user load profiles are imposed with developed algorithm in MATLAB and results are evaluated and analysed.Keywords: Load Management, Residential demand response Dynamic time based pricing Demand side management
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