EFFECT OF DYNAMIC PRICING SCHEMES AND RENEWABLE ENERGY SOURCES ON RESIDENTIAL DEMAND SIDE MANAGEMENT

Abstract

Early summer heat waves and the sharp rise in the use of automatic electrical appliances combine to drive up electricity demand. Throughout the world, distributed energy resources are widely used to meet household energy needs. Consumers are impacted by utilizing the energy management system in conjunction with renewable energy sources, which also preserves the grid's sustainability and dependability, avoiding blackouts. This paper presents the energy management controller for controlling the temperature of the interruptible load, considering dynamic pricing schemes and simulation of different types of loads to obtain their power consumption pattern, energy cost, and load profiles. A MATLAB-Simulink-based GUIDE toolbox, i.e., a Smart Residential load simulator developed by the University of Waterloo, has been deployed to track and compare the power usage trends of various loads, both with and without nearby generating units. Integration of renewable energy with the proposed system brings down the energy demand. Consumers get the maximum benefit when renewable energy is incorporated. The outcomes of the simulations reveal a significant decrease in energy consumption.