Demand side response in the electricity market

Demand response can be defined as tariffs imposed on electricity based on the usage changes by end-users for a specific period. Additionally, it refers to a way of reflecting the benefits of efficiencies in production or the management of power companies. It can either be price based or incentive-based. Examples of pricesbased responses include Real-Time Pricing (RTP), Critical Peak Pricing (CPP), and time of use (TOU) tariffs. An analysis of the role of electricity companies on their customers' consumption behavior by exploring the cases of Bangladesh, Kenya, UK, and China has shown that there is a need to ensure that the understanding of electricity rates in the global population is changed. The different strategies adopted by electricity companies of the countries considered are all aimed at influencing consumer behavior to reduce the stress on the electricity grid. The relationship between the price and the supply of electricity in response to consumer demand is presented in this paper. The production, management and supply of electricity by power companies has been extensively addressed, taking into account four different countries, such as Bangladesh, China, Kenya and the UK. It provides an overview of how demand side responses have been addressed on the premise of different time spans and consumption according to consumer behavior.