Abstract
The main objective of this paper is to propose a more efficient, distributed, and multi-objective billing model that can be implemented in every smart meter in the grid for achieving optimality and fairness. First, we develop a new evaluation index to evaluate such as billing model not only in addressing fairness but also to minimize the cost and reduce the Peak-to-Average Ratio (PAR) in the load demand and subsequently the bill of each customer. Then, we study some of the billing models that exist in the literature and evaluate them with our evaluation index. Simulations are performed to test the performance of our model in terms of optimality, PAR reduction and fairness.
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