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Dynamic Sale Price Setting for Load Serving Entity's Profit Maximization

This paper presents an optimization model to determine optimal dynamic sale prices and optimal energy procurement decisions of a load-serving entity (LSE) in the presence of solar energy for consumer's elastic demand. LSE determines these decisions to maximize its profit at a given level of ris...

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Main Authors:	Chawda, Sandeep, Mathuria, Parul, Bhakar, Rohit, Sreekumar, Sreenu
Format:	Conference Proceeding
Language:	English
Subjects:	Analytical models Dynamic sale prices Elastic demand Load modeling Load serving entity Optimization Procurement Renewable energy Risk Solar energy Uncertainty Wind energy
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creator	Chawda, Sandeep Mathuria, Parul Bhakar, Rohit Sreekumar, Sreenu
description	This paper presents an optimization model to determine optimal dynamic sale prices and optimal energy procurement decisions of a load-serving entity (LSE) in the presence of solar energy for consumer's elastic demand. LSE determines these decisions to maximize its profit at a given level of risk. Consumer's elastic demand is considered by its price elasticity, and price uncertainty is modeled using the mean-variance approach. Optimal decisions of risk-neutral and risk-averse LSE are illustrated through a case study. Results indicate that LSE builds consumer demand by lowering sale prices during solar energy availability hours to utilize it optimally.
doi_str_mv	10.1109/PESGM41954.2020.9281805
format	conference_proceeding
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ispartof	2020 IEEE Power & Energy Society General Meeting (PESGM), 2020, p.1-5
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source	IEEE Xplore All Conference Series
subjects	Analytical models Dynamic sale prices Elastic demand Load modeling Load serving entity Optimization Procurement Renewable energy Risk Solar energy Uncertainty Wind energy
title	Dynamic Sale Price Setting for Load Serving Entity's Profit Maximization
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