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Modeling demand response under time-of-use pricing

It is conducive for the improvement of power system's reliability and economy to make scientific time-of-use (TOU) pricing for peak, flat and valley load, which guides customer to have a good habit of using energy, as well as a mechanism to demand response (DR). To increase the effectiveness of TOU pricing, it is necessary to grasp the response laws by appropriate models and improve the accuracy of the models analyzing the customer's response to TOU pricing. Firstly, this paper proposes a load shifting adjustment coefficient to improve the current response model; secondly, this paper builds quantitative relationships between the principle of customer psychology based model and the price-elasticity matrix of demand, and obtains elastic coefficients of the matrix described by the parameters of the customer psychology model; thirdly, according to above studies, this paper proposes a novel method to calculate the price-elasticity matrix that could be revised in real time, and the load curve under various TOU pricings can be simulated by the price-elasticity matrix. A case study illustrates the effectiveness of the proposed approach.