Abstract:
An optimization model for residential users to
minimize power consumption cost using real-time pricing is
proposed in this paper. This model chooses the
thermostatically controlled appliances (TCA) which consume
the most power in the residential area. This scheme targets the
residential area rather than the industrial area because the
latter has interdependent tasks difficult to isolate. The
proposed model automatically adjusts the TCA according to
dynamic pricing and customer demand. Constrains like
customer preferences, power consumption, dynamics of
appliances, real-time pricing is taken into consideration.
Simulation of the optimization scheme is done in the MATLAB
platform. The model can successfully optimize the power
consumption cost keeping customer comfort in mind.
