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http://dx.doi.org/10.5370/KIEE.2013.62.3.306

A Study on the Revenue Reconciliation Algorithm of Real-time Pricing Considering Imperfect Information on Customer Response  

Kwon, Jong-Hwan (Dept. of Electrical and Control Eng., Hongik Univerity)
Kim, Balho H. (Dept. of Electrical and Electronic Eng., Hongik Univerity)
Publication Information
The Transactions of The Korean Institute of Electrical Engineers / v.62, no.3, 2013 , pp. 306-311 More about this Journal
Abstract
The Real-Time-Pricing (RTP) brings greatest values in terms of economic incentives and efficiency among the dynamic pricing schemes. The electric power industry in Korea is mainly operated by publicly owned utilities and strongly regulated by the government; therefore, revenue reconciliation of RTP is inevitably required to prevent revenue deficits. In this paper, a revenue reconciliation of real-time pricing considering imperfect information on customer response is proposed to prevent revenue deficit and distortion of the spot price. A case study is present to verify the applicability of the proposed method.
Keywords
Real time pricing; Revenue reconciliation;
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  • Reference
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