Social Sciences
3 years ago

Electricity markets revolutionized by understanding consumer demand in power industry.

International series in management science/operations research/International series in operations research & management science
Demand
Makoto Tanaka, Antonio J. Conejo, Afzal S. Siddiqui

Paper Summary

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The article discusses how both supply and demand affect electricity prices in the power industry. It focuses on consumer demand, explaining concepts like utility functions and price elasticity. The researchers also look at new trends like demand response and prosumers in electricity markets.