A Novel Demand Response Management Model to Reduce Smart Grid Costs

DRM means leveling demand curve based on electricity prices. Indeed, using variable price rates, electricity consumers are encouraged to use electricity in periods with cheap electricity price ranges. Therefore, total system cost would decrease efficiently. Motivations: To model dynamics between electricity end-users and utility companies. To present a model with simple implementation on smart households. To reduce electricity production costs and to maximize social welfare.Electrical and Computer Engineering, Department o