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Incorporating two-part real-time pricing scheme into distribution system operation
, Article Proceedings - 2014 Electrical Power and Energy Conference, EPEC 2014 ; 2014 , p. 178-183 ; Fotuhi-Firuzabad, M ; Parvania, M ; Abbaspour, A ; Sharif University of Technology
Abstract
Existing real-time pricing (RTP) schemes charge the whole customer's consumption at one highly volatile time varying price, which, in turn, imposes financial risk to participating customers. This paper presents a two-part RTP scheme aiming at efficient distribution system operation while mitigating customers' risk level imposed by volatile RTP prices. Our proposed RTP scheme offers two different RTP price signals. The first RTP price signal is used to charge customer's consumption up to its customer baseline load (CBL) which presents customer's consumption in the absence of RTP signals. The second RTP price signal is announced a day ahead of the actual operation, and can be updated in real...