A Generalized Economic Model for Optimally Selecting Forecasted Load Profiles for Measuring Demand Response in Residential Energy Management System

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aut.filerelease.date2023-05-20
aut.relation.journalInternational Journal of Energy Researchen_NZ
aut.researcherLie, Tek
dc.contributor.authorLie, TTen_NZ
dc.contributor.authorJean-Paul, Pen_NZ
dc.contributor.authorAnderson, Ten_NZ
dc.contributor.authorValles, Ben_NZ
dc.date.accessioned2021-06-15T23:58:31Z
dc.date.available2021-06-15T23:58:31Z
dc.date.copyright2021-05-21en_NZ
dc.date.issued2021-05-21en_NZ
dc.description.abstractTo forecast the demand response of a residential customer, forecasted load profiles must first be calculated and the demand response produced by residential energy management devices determined. Finding an efficient method to select an optimal forecasted load profile to assess the demand response of these devices is a fundamental issue currently overlooked. Poorly forecasted load profiles can affect customer compensation for demand reduction, estimation of retail profits and allocation and reconciliation processes for electricity markets. This research resolved to develop an economic model for selecting an optimal forecasted load profile from which the demand response of residential energy management devices can be determined. Using 2 years of half-hourly electricity consumption data for 5379 households obtained from the “Low Carbon” London project (UK), a novel economic model was created to assess the economic advantage of nine different forecast methods. Results suggest that when creating forecasted load profiles to measure demand response of these devices the sociodemographic of customers, tariff type and the operational objectives of the device must be taken into account to maximize the economic benefit of demand response initiatives for the customer and retailer.
dc.identifier.doi10.1002/er.6857en_NZ
dc.identifier.issn0363-907Xen_NZ
dc.identifier.urihttps://hdl.handle.net/10292/14271
dc.publisherJohn Wiley and Sonsen_NZ
dc.relation.urihttps://onlinelibrary.wiley.com/doi/10.1002/er.6857
dc.rightsCopyright © 2021 John Wiley & Sons. All rights reserved. Authors retain the right to place his/her pre-publication version of the work on a personal website or institutional repository. This article may not exactly replicate the final version published in (please see citation) as it is not a copy of this record. An electronic version of this article can be found online at: (Please see Publisher’s Version).
dc.rights.accessrightsOpenAccessen_NZ
dc.subjectDemand response; Forecast method; Load modeling; Residential energy management system
dc.titleA Generalized Economic Model for Optimally Selecting Forecasted Load Profiles for Measuring Demand Response in Residential Energy Management Systemen_NZ
dc.typeJournal Article
pubs.elements-id430612
pubs.organisational-data/AUT
pubs.organisational-data/AUT/Faculty of Design & Creative Technologies
pubs.organisational-data/AUT/Faculty of Design & Creative Technologies/Faculty Central
pubs.organisational-data/AUT/Faculty of Design & Creative Technologies/School of Engineering, Computer & Mathematical Sciences
pubs.organisational-data/AUT/Faculty of Design & Creative Technologies/School of Engineering, Computer & Mathematical Sciences/Centre for Energy & Power Engineering
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