Monetary impact of dynamic pricing and demand response on households: The winners and losers

Matti Mononen; Jukka Saarenpää; Mikko Kolehmainen; Harri Niska; Antti Rautiainen

doi:10.1109/ISGT.2015.7131818

Monetary impact of dynamic pricing and demand response on households: The winners and losers

Matti Mononen
, Jukka Saarenpää
, Mikko Kolehmainen
, Harri Niska
, Antti Rautiainen

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Scientific › peer-review

2 Citations (Scopus)

Abstract

Smart grid paradigm is hailed as the Holy Grail to manage the future electricity consumption in a sustainable manner, and demand response (DR) is a fundamental component in the realization of smart grids. However, DR requires active household participation and in the previous studies monetary benefit is identified as the main motivation for the households to participate. In this paper, we analyze DR on households in terms of the monetary impact. Smart meter data together with data about properties of households are used from 669 households. Dynamic pricing schema and DR model are proposed and utilized in simulations. Self-Organizing Maps (SOM) are applied to identify the household segments that are monetarily affected in the simulations.

Original language	English
Title of host publication	2015 IEEE Power and Energy Society Innovative Smart Grid Technologies Conference, ISGT 2015
Publisher	IEEE
ISBN (Print)	9781479917853
DOIs	https://doi.org/10.1109/ISGT.2015.7131818
Publication status	Published - 23 Jun 2015
Publication type	A4 Article in conference proceedings
Event	IEEE PES Conference on Innovative Smart Grid Technologies - Duration: 1 Jan 1900 → …

Conference

Conference	IEEE PES Conference on Innovative Smart Grid Technologies
Period	1/01/00 → …

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 7 Affordable and Clean Energy

Keywords

demand response
dynamic pricing
households
monetary impact
simulation

Publication forum classification

Publication forum level 1

ASJC Scopus subject areas

Computer Networks and Communications
Electrical and Electronic Engineering

Access to Document

10.1109/ISGT.2015.7131818

Cite this

@inproceedings{73d396ffd32d4124b6ff620c076859b7,

title = "Monetary impact of dynamic pricing and demand response on households: The winners and losers",

abstract = "Smart grid paradigm is hailed as the Holy Grail to manage the future electricity consumption in a sustainable manner, and demand response (DR) is a fundamental component in the realization of smart grids. However, DR requires active household participation and in the previous studies monetary benefit is identified as the main motivation for the households to participate. In this paper, we analyze DR on households in terms of the monetary impact. Smart meter data together with data about properties of households are used from 669 households. Dynamic pricing schema and DR model are proposed and utilized in simulations. Self-Organizing Maps (SOM) are applied to identify the household segments that are monetarily affected in the simulations.",

keywords = "demand response, dynamic pricing, households, monetary impact, simulation",

author = "Matti Mononen and Jukka Saarenp{\"a}{\"a} and Mikko Kolehmainen and Harri Niska and Antti Rautiainen",

year = "2015",

month = jun,

day = "23",

doi = "10.1109/ISGT.2015.7131818",

language = "English",

isbn = "9781479917853",

booktitle = "2015 IEEE Power and Energy Society Innovative Smart Grid Technologies Conference, ISGT 2015",

publisher = "IEEE",

address = "United States",

note = "IEEE PES Conference on Innovative Smart Grid Technologies ; Conference date: 01-01-1900",

}

Mononen, M, Saarenpää, J, Kolehmainen, M, Niska, H & Rautiainen, A 2015, Monetary impact of dynamic pricing and demand response on households: The winners and losers. in 2015 IEEE Power and Energy Society Innovative Smart Grid Technologies Conference, ISGT 2015., 7131818, IEEE, IEEE PES Conference on Innovative Smart Grid Technologies, 1/01/00. https://doi.org/10.1109/ISGT.2015.7131818

Monetary impact of dynamic pricing and demand response on households: The winners and losers. / Mononen, Matti; Saarenpää, Jukka; Kolehmainen, Mikko et al.
2015 IEEE Power and Energy Society Innovative Smart Grid Technologies Conference, ISGT 2015. IEEE, 2015. 7131818.

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Scientific › peer-review

TY - GEN

T1 - Monetary impact of dynamic pricing and demand response on households

T2 - IEEE PES Conference on Innovative Smart Grid Technologies

AU - Mononen, Matti

AU - Saarenpää, Jukka

AU - Kolehmainen, Mikko

AU - Niska, Harri

AU - Rautiainen, Antti

PY - 2015/6/23

Y1 - 2015/6/23

N2 - Smart grid paradigm is hailed as the Holy Grail to manage the future electricity consumption in a sustainable manner, and demand response (DR) is a fundamental component in the realization of smart grids. However, DR requires active household participation and in the previous studies monetary benefit is identified as the main motivation for the households to participate. In this paper, we analyze DR on households in terms of the monetary impact. Smart meter data together with data about properties of households are used from 669 households. Dynamic pricing schema and DR model are proposed and utilized in simulations. Self-Organizing Maps (SOM) are applied to identify the household segments that are monetarily affected in the simulations.

AB - Smart grid paradigm is hailed as the Holy Grail to manage the future electricity consumption in a sustainable manner, and demand response (DR) is a fundamental component in the realization of smart grids. However, DR requires active household participation and in the previous studies monetary benefit is identified as the main motivation for the households to participate. In this paper, we analyze DR on households in terms of the monetary impact. Smart meter data together with data about properties of households are used from 669 households. Dynamic pricing schema and DR model are proposed and utilized in simulations. Self-Organizing Maps (SOM) are applied to identify the household segments that are monetarily affected in the simulations.

KW - demand response

KW - dynamic pricing

KW - households

KW - monetary impact

KW - simulation

U2 - 10.1109/ISGT.2015.7131818

DO - 10.1109/ISGT.2015.7131818

M3 - Conference contribution

AN - SCOPUS:84939123311

SN - 9781479917853

BT - 2015 IEEE Power and Energy Society Innovative Smart Grid Technologies Conference, ISGT 2015

PB - IEEE

Y2 - 1 January 1900

ER -

Monetary impact of dynamic pricing and demand response on households: The winners and losers

Abstract

Conference

UN SDGs

Keywords

Publication forum classification

ASJC Scopus subject areas

Access to Document

Fingerprint

Cite this