| Title |
A Study on the Revenue Reconciliation Algorithm of Real-time Pricing Considering Imperfect Information on Customer Response |
| Authors |
권종환(Kwon, Jong-Hwan) ; 김발호(Kim, Balho H.) |
| DOI |
https://doi.org/10.5370/KIEE.2013.62.3.306 |
| Keywords |
Real time pricing ; Revenue reconciliation |
| Abstract |
The Real-Time-Pricing (RTP) brings greatest values in terms of economic incentives and efficiency among the dynamic pricing schemes. The electric power industry in Korea is mainly operated by publicly owned utilities and strongly regulated by the government; therefore, revenue reconciliation of RTP is inevitably required to prevent revenue deficits. In this paper, a revenue reconciliation of real-time pricing considering imperfect information on customer response is proposed to prevent revenue deficit and distortion of the spot price. A case study is present to verify the applicability of the proposed method. |