Dynamic Pricing Revolutionizes Electricity Market, Empowering Consumers and Boosting Supply
The article discusses how electricity markets can benefit from introducing competition through dynamic pricing strategies. By using game theory and dynamic pricing methods, the researchers developed a model to maximize revenue for electricity producers. Through simulations, they found that competition can lower electricity prices for producers and improve supply. The dynamic pricing strategy was shown to be effective in markets with higher demand elasticity, initial market share, and active users.