Abstract
Demand response (DR) is one of the major stakeholders in the smart grid and has been used as an energy reconciler between supply and demand. After a literature overview, the importance of the paper is enhanced by having a theoretical and behavioral-based analysis of DR in power systems. In this work, the potential factors that influence more DR among customers and the residential market as a whole have been discussed. The customers’ elastic demand approach can pave the way for adapting a responsive demand mechanism that ensures the system reliability and cost effective measures. Alternatively, this approach can make the program more effective and supportive in serving the social welfare as whole.
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