Abstract: | The presentation was made at IEEE PES 2011 General Meeting Super Sessions in July, 2011. The presentation outlines the agenda as follows: 1) Why dynamic pricing? 2) Key characteristics of demand response programs; 3) Fundamental nature of demand response; 4) Advantages of real-time pricing; 5) Extending RTP with a double-auction retail market; 6) Results from a field experiment; 7) Challenges in designing RTP rates; 8) Implications for smart grid communications architecture; 9) Extending RTP to engage demand for ancillary services.
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