dc.contributor.author | Roozbehani, Mardavij | |
dc.contributor.author | Dahleh, Munther A. | |
dc.contributor.author | Mitter, Sanjoy K. | |
dc.date.accessioned | 2011-05-04T18:40:41Z | |
dc.date.available | 2011-05-04T18:40:41Z | |
dc.date.issued | 2010-10 | |
dc.identifier.isbn | 978-1-4244-6510-1 | |
dc.identifier.other | INSPEC Accession Number: 11636686 | |
dc.identifier.uri | http://hdl.handle.net/1721.1/62584 | |
dc.description.abstract | The paper proposes a mechanism for real-time pricing of electricity in smart power grids, with price stability as the primary concern. In previous publications the authors argued that relaying the real-time wholesale market prices to the end consumers creates a closed loop feedback system which could be unstable or lack robustness, leading to extreme price volatility. In this paper, a mathematical model is developed for characterization of the dynamic evolution of supply, (elastic) demand, and market clearing (locational marginal) prices under real-time pricing. It is assumed that the real-time prices for retail consumers are derived from the Locational Marginal Prices (LMPs) of the wholesale balancing markets. The main contribution of the paper is in presenting an effective stabilizing pricing algorithm and characterization of its effects on system efficiency. Numerical simulations conform with our analysis and show the stabilizing effect of the mechanism and its robustness to disturbances. | en_US |
dc.description.sponsorship | Siemens Aktiengesellschaft | en_US |
dc.description.sponsorship | Masdar Institute of Science and Technology | en_US |
dc.description.sponsorship | MIT Masdar Program | en_US |
dc.language.iso | en_US | |
dc.publisher | Institute of Electrical and Electronics Engineers | en_US |
dc.relation.isversionof | http://dx.doi.org/10.1109/SMARTGRID.2010.5621994 | en_US |
dc.rights | Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use. | en_US |
dc.source | IEEE | en_US |
dc.title | Dynamic pricing and stabilization of supply and demand in modern electric power grids | en_US |
dc.type | Article | en_US |
dc.identifier.citation | Roozbehani, M., M. Dahleh, and S. Mitter. “Dynamic Pricing and Stabilization of Supply and Demand in Modern Electric Power Grids.” Smart Grid Communications (SmartGridComm), 2010 First IEEE International Conference On. 2010. 543-548. Copyright © 2010, IEEE | en_US |
dc.contributor.department | Massachusetts Institute of Technology. Department of Electrical Engineering and Computer Science | en_US |
dc.contributor.department | Massachusetts Institute of Technology. Engineering Systems Division | en_US |
dc.contributor.department | Massachusetts Institute of Technology. Laboratory for Information and Decision Systems | en_US |
dc.contributor.approver | Dahleh, Munther A. | |
dc.contributor.mitauthor | Roozbehani, Mardavij | |
dc.contributor.mitauthor | Dahleh, Munther A. | |
dc.contributor.mitauthor | Mitter, Sanjoy K. | |
dc.relation.journal | IEEE International Conference on Smart Grid Communications (SmartGridComm) | en_US |
dc.eprint.version | Final published version | en_US |
dc.type.uri | http://purl.org/eprint/type/ConferencePaper | en_US |
dspace.orderedauthors | Roozbehani, Mardavij; Dahleh, Munther; Mitter, Sanjoy | en |
dc.identifier.orcid | https://orcid.org/0000-0002-1470-2148 | |
dc.identifier.orcid | https://orcid.org/0000-0002-8619-1295 | |
mit.license | PUBLISHER_POLICY | en_US |
mit.metadata.status | Complete | |