Abstract
Demand side management (DSM) is a promising domain for utility managers and policymakers to curtail consumers load within smart grid (SG). Due to demand-supply mismanagement, various problems arise, such as (a) voltage drift (b) current variation, (c) active and reactive-power mismatch, (d) reduced consumer empowerment and consumer satisfaction, and (e) low economic development of utility in the wholesale market. Considering above, there is a pressing need to emphasize DSM for an optimized operation of SG system. With this motivation, we reviewed demand response programs (DRPs) and load forecasting schemes (LFSs) as primary operational entities for efficient operation of SG. Moreover, we investigated the role of various DRPs for peak-shaving of consumer's load profile. Furthermore, the vital role of LFSs in economic development stabilized the operation of SG system, and inter-relationship to DRPS is reviewed. Finally, a case study is presented describing computer-based simulation study of DRPs and LFSs utilizing real-time data of Texas (USA).
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