Demand response in consumer-centric electricity market: mathematical models and optimization problems

Abstract

This article presents an overview of mathematical modeling and optimization of demand response (DR) algorithms reported in the literature. The DR can be implemented at various levels in the power system. In view of this, DR related literature is classified into a single home, aggregated home, network level, and market-level demand response. The mathematical formulation and the issues associated with each level are discussed. It provides detailed information on modeling, implementation, uncertainty handling in DR. Moreover, the integration of the battery energy storage system (BESS), electric vehicle (EV), and renewable energy sources are provided in the DR perspective. Also, the research gaps and future research directions in the field of DR are discussed at the end.