Optimization method of time-of-use electricity price for the cost savings of power grid investment
The concept of time-of-use (TOU) electricity pricing is widely recognized as a key strategy to bridge the gap between electricity availability and consumption, enhance the efficiency of electricity, and refine the patterns of electricity usage. Nonetheless, the existing policy on pricing electricity...
| Main Authors: | , , , , , |
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| Format: | Article |
| Language: | English |
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Frontiers Media S.A.
2024-03-01
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| Series: | Frontiers in Energy Research |
| Subjects: | |
| Online Access: | https://www.frontiersin.org/articles/10.3389/fenrg.2024.1361116/full |
| _version_ | 1797277157811027968 |
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| author | Li Dengfeng Li Zhonghao Li Xiaoju Yu Juan Yang Mincai Lei Xinyu |
| author_facet | Li Dengfeng Li Zhonghao Li Xiaoju Yu Juan Yang Mincai Lei Xinyu |
| author_sort | Li Dengfeng |
| collection | DOAJ |
| description | The concept of time-of-use (TOU) electricity pricing is widely recognized as a key strategy to bridge the gap between electricity availability and consumption, enhance the efficiency of electricity, and refine the patterns of electricity usage. Nonetheless, the existing policy on pricing electricity based on TOU electricity pricing is missing a theoretical approach that evaluates the load properties and the advantages of investing in the power grid. Consequently, the article suggests a method for optimizing electricity prices based on TOU electricity pricing to reduce the costs associated with investing in power grids. Initially, a model for optimizing electricity prices based on TOU electricity pricing is developed, offering support for the pricing strategy of the power grid; Subsequently, a method for dividing TOU electricity pricing using the Gaussian Mixture Module (GMM) clustering algorithm is introduced, offering theoretical backing for the creation of such pricing strategies; Following this, a detailed optimization approach for electricity pricing of electricity TOU electricity pricing is suggested, along with taking into account the benefits of grid investments and the power grid’s load properties, the formulation of the electricity pricing strategy for TOU electricity pricing; Ultimately, this approach is corroborated by the Chongqing power system in China, aiming to minimize disparities in peak load valleys and enhance the advantages of grid investments, thereby offering technical assistance for the scientific determination of TOU electricity pricing. |
| first_indexed | 2024-03-07T15:43:40Z |
| format | Article |
| id | doaj.art-82474f5e460f456e81cd7a4c9dbb7c9d |
| institution | Directory Open Access Journal |
| issn | 2296-598X |
| language | English |
| last_indexed | 2024-03-07T15:43:40Z |
| publishDate | 2024-03-01 |
| publisher | Frontiers Media S.A. |
| record_format | Article |
| series | Frontiers in Energy Research |
| spelling | doaj.art-82474f5e460f456e81cd7a4c9dbb7c9d2024-03-05T05:06:42ZengFrontiers Media S.A.Frontiers in Energy Research2296-598X2024-03-011210.3389/fenrg.2024.13611161361116Optimization method of time-of-use electricity price for the cost savings of power grid investmentLi Dengfeng0Li Zhonghao1Li Xiaoju2Yu Juan3Yang Mincai4Lei Xinyu5State Grid Chongqing Electric Power Research Institute, Chongqing, ChinaState Key Laboratory of Power Transmission Equipment and System Security and New Technology, Chongqing University, Chongqing, ChinaState Grid Chongqing Electric Power Research Institute, Chongqing, ChinaState Key Laboratory of Power Transmission Equipment and System Security and New Technology, Chongqing University, Chongqing, ChinaState Grid Chongqing Electric Power Research Institute, Chongqing, ChinaState Key Laboratory of Power Transmission Equipment and System Security and New Technology, Chongqing University, Chongqing, ChinaThe concept of time-of-use (TOU) electricity pricing is widely recognized as a key strategy to bridge the gap between electricity availability and consumption, enhance the efficiency of electricity, and refine the patterns of electricity usage. Nonetheless, the existing policy on pricing electricity based on TOU electricity pricing is missing a theoretical approach that evaluates the load properties and the advantages of investing in the power grid. Consequently, the article suggests a method for optimizing electricity prices based on TOU electricity pricing to reduce the costs associated with investing in power grids. Initially, a model for optimizing electricity prices based on TOU electricity pricing is developed, offering support for the pricing strategy of the power grid; Subsequently, a method for dividing TOU electricity pricing using the Gaussian Mixture Module (GMM) clustering algorithm is introduced, offering theoretical backing for the creation of such pricing strategies; Following this, a detailed optimization approach for electricity pricing of electricity TOU electricity pricing is suggested, along with taking into account the benefits of grid investments and the power grid’s load properties, the formulation of the electricity pricing strategy for TOU electricity pricing; Ultimately, this approach is corroborated by the Chongqing power system in China, aiming to minimize disparities in peak load valleys and enhance the advantages of grid investments, thereby offering technical assistance for the scientific determination of TOU electricity pricing.https://www.frontiersin.org/articles/10.3389/fenrg.2024.1361116/fullpower grid investment benefitsoptimization of time-of-use electricity pricestime-of-use electricity price period divisionGMM clusteringdemand response |
| spellingShingle | Li Dengfeng Li Zhonghao Li Xiaoju Yu Juan Yang Mincai Lei Xinyu Optimization method of time-of-use electricity price for the cost savings of power grid investment Frontiers in Energy Research power grid investment benefits optimization of time-of-use electricity prices time-of-use electricity price period division GMM clustering demand response |
| title | Optimization method of time-of-use electricity price for the cost savings of power grid investment |
| title_full | Optimization method of time-of-use electricity price for the cost savings of power grid investment |
| title_fullStr | Optimization method of time-of-use electricity price for the cost savings of power grid investment |
| title_full_unstemmed | Optimization method of time-of-use electricity price for the cost savings of power grid investment |
| title_short | Optimization method of time-of-use electricity price for the cost savings of power grid investment |
| title_sort | optimization method of time of use electricity price for the cost savings of power grid investment |
| topic | power grid investment benefits optimization of time-of-use electricity prices time-of-use electricity price period division GMM clustering demand response |
| url | https://www.frontiersin.org/articles/10.3389/fenrg.2024.1361116/full |
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