| Summary: | We consider joint demand response and power procurement to optimize the average social welfare of a smart power grid system with renewable sources. The renewable sources such as wind and solar energy are intermittent and fluctuate rapidly. As a consequence, the demand response algorithm needs to be executed in real time to ensure the stability of a smart grid system with renewable sources. We develop a demand response algorithm that converges to the optimal solution with superlinear rates of convergence. In the simulation studies, the proposed algorithm converges roughly thirty time faster than the traditional subgradient algorithm. In addition, it is fully distributed and can be realized either synchronously or in asynchronous manner, which eases practical deployment.
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