Jamaludin, Jafferi and Ohmori, Hiromitsu and Azzuhri, Saaidal Razalli (2022) Real-time electricity retail pricing dual optimization with context-based fuzzy optimal algorithm. ELECTRIC POWER COMPONENTS AND SYSTEMS, 50 (6-7). pp. 374-385. ISSN 1532-5016, DOI https://doi.org/10.1080/15325008.2022.2136785.
Full text not available from this repository.Abstract
Despite its bright prospect to promote affordable energy, one of the main concerns of real-time retail pricing for electricity is price volatility that would create potential bill shocks especially for low-income consumers. This would demotivate consumers to participate in real-time pricing scheme or to act as responsive participants to reduce peak demand. As a motivation to address this concern, this article proposes dual optimization method with fuzzy optimal algorithm to solve the optimization problem presented in the real-time pricing model with the aims to reduce price volatility and to lower the minimum price further. The fuzzy optimal algorithm applies a context-based fuzzy inferencing and a gradient adjustment to arrive at the optimal retail price for every time interval. Context-based fuzzy inferencing allows fuzzy value redefinition so that the desired level of precision is preserved. Gradient adjustment simplifies the derivation of the optimal retail price via a series of iterations. Simulation results reveal that price fluctuations are able to be reduced which would create stability and avoid undesired price spikes. At the same time, the results confirm that further reduction in the minimum retail price can be achieved which would improve welfare benefits while maintaining the desired level of consumer satisfaction.
| Item Type: | Article |
|---|---|
| Funders: | Hitachi Global Foundation, Japan Science & Technology Agency (JST) Core Research for Evolutional Science and Technology (CREST) [JPMJCR15K5] |
| Uncontrolled Keywords: | affordable energy; context-based fuzzy inferencing; dual optimization; fuzzy optimal algorithm; real-time pricing |
| Subjects: | T Technology > TK Electrical engineering. Electronics Nuclear engineering |
| Divisions: | Deputy Vice Chancellor (Research & Innovation) Office > UM Power Energy Dedicated Advanced Centre |
| Depositing User: | Ms Koh Ai Peng |
| Date Deposited: | 25 Jul 2024 07:03 |
| Last Modified: | 25 Jul 2024 07:03 |
| URI: | http://eprints.um.edu.my/id/eprint/46235 |
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