Research of TOU power price based on multi-objective optimization of DSM and costs of power consumers

Abstract

A new method of determining TOU (time of use) power price is studied which is based on multi-objective optimization of DSM and costs of power consumers. Mathematical model of this TOU power price is developed taking account in interests of both power supply and power consumers. Numerical simulation is made using load and power price data of Zhejiang Province and MATLAB. From simulation results, it is verified that using TOU power price determined in this paper can accomplish the aim of maximizing social benefits which is to obtain optimal balance between load shifting and reducing costs of power consumers. Thus peak load can be reduced to a satisfactory level to relieve the situation that power supply capacity is insufficient. Moreover, costs of power consumers can be reduced that will urge power consumers to adapt to TOU power price.