Abstract
Modern energy markets, smart grids and high penetration of Renewable Energy Sources (RES) necessitate the development of modern pricing schemes. Energy Service Providers (ESPs) and end users (consumers) will mutually benefit from the cost reduction and the stability improvement that behavioral changes in the energy consumption can bring. Modern pricing schemes should be able to trigger these behavioral changes. As we argue in this paper, the energy pricing schemes proposed so far (e.g. Real Time Pricing) do not reward the users (energy consumers) that modify their behavior, and are therefore unfair and unable to trigger behavioral changes. Based on this research motivation, we develop a Behavioral Real Time Pricing (B-RTP) scheme, which offers an adjustable level of financial incentives to participating users, rewarding desirable behavioral changes (in the form of their Energy Consumption Curve). Our evaluation results compare RTP and B-RTP, showing that our proposed B-RTP affects the behavior of the participating users much more efficiently than RTP, outperforming the latter in all widely adopted metrics. B-RTP is able to reduce energy consumption by up to 20% compared to RTP without sacrificing users' welfare and ESP profits.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
