Abstract
This paper develops a market optimization model for a microgrid with Demand Side Bidding (DSB) and Demand Response (DR) by residential consumers. Demand Response (DR) models have been developed by utilizing consumer behavior modeling by Price Elasticity Matrices (PEMs) considering different scenarios and levels of consumer rationality. These PEMs are utilized to calculate the levels of demand response for different consumer types and utilized in the bidding mechanism for the double sided microgrid market. The proposed method is tested for different scenarios on a microgrid system with Independent Power Producers (IPPs) and Load Serving Entities (LSEs) for optimized generation and demand response levels so as to minimize cost.
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