Journal
RENEWABLE & SUSTAINABLE ENERGY REVIEWS
Volume 42, Issue -, Pages 743-751Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.rser.2014.10.078
Keywords
Dynamic pricing; Demand response; Electricity tariffs
Funding
- KETEP [2001T100100424]
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With the development of demand response (DR) technologies and increasing electricity demand, dynamic pricing has been a popular topic in many countries. This paper evaluates various dynamic pricing programs in the U.S. and Europe, and provides insights into various aspects including risks and rewards, enabling technologies, lower-income groups and customer types surrounding programs such as Time-of-Use (TOU), Critical Peak Pricing (CPP), Peak Time Rebates (PTR) and Real Time Pricing (RTP). We conclude this paper with three main findings: (1) policy coordination in promoting dynamic pricing programs between federal and state regulatory agencies is very critical; (2) customer engagement is very important and can be enhanced via more accessible educational programs and policy adjustments; and (3) more investment in related R&D is required to construct a commonly accepted methodology for measuring the effectiveness of dynamic pricing programs. (C) 2014 Elsevier Ltd. All rights reserved.
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