Modelling of multi-timescale demand response for power markets

Demand response as an important part of smart grid makes the consumers participate in market operation that can lead to the benefit of both the utility and the consumers. In this paper, a multi-timescale demand response model that accounts for short-term and long-term demand characteristics is established. The short-term demand response and long-term demand response are combined by the electricity price elasticity matrix. The objective of optimisation is to minimise the peak-valley load difference in the total load, and particle swarm optimisation is adopted as the optimisation algorithm. The simulation results of IEEE-30 node distribution network show the feasibility and effectiveness of the proposed demand response model and pricing strategy. The research of this paper will provide technical support for the application of demand response mechanism after the new electric power reform.