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In restructured power systems, there are many independent players who benefit from demand response (DR). These include the transmission system operator (TSO), distributors, retailers, and aggregators. This paper proposes a new concept-demand response eXchange (DRX)-in which DR is treated as a public good to be exchanged between DR buyers and sellers. Buyers need DR to improve the reliability of their own electricity-dependent businesses and systems. Sellers have the capacity to significantly modify electricity demand on request. Microeconomic theory is applied to model the DRX in the form of a pool-based market. In this market, a DRX operator (DRXO) collects DR bids and offers from the buyers and sellers, respectively. It then clears the market by maximizing the total market benefit subject to certain constraints including: demand-supply balance, and assurance contracts related to individual buyer contributions for DR. The DRX model is also tested on a small power system, and its efficiency is reported.

Item Type:	Refereed Article
Keywords:	contracts, electricity, load management , power system reliability, assurance contract, demand response, demand response exchange, microeconomic theory, public good, restructured power systems
Research Division:	Engineering
Research Group:	Electrical engineering
Research Field:	Electrical energy generation (incl. renewables, excl. photovoltaics)
Objective Division:	Energy
Objective Group:	Energy storage, distribution and supply
Objective Field:	Energy storage, distribution and supply not elsewhere classified
UTAS Author:	Nguyen, Duy Thanh (Dr Thanh Nguyen)
UTAS Author:	Negnevitsky, M (Professor Michael Negnevitsky)
ID Code:	75269
Year Published:	2011
Web of Science® Times Cited:	146
Deposited By:	Centre for Renewable Power Energy Systems
Deposited On:	2012-01-19
Last Modified:	2017-11-06
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