Complex bid model and strategy for dispatchable loads in real time market-based demand response

The power system is moving into the new era of Smart Grid with the help of advance ICT and other developed technologies. These advancements made the demand response as an integral part of power and energy systems. Nowadays, the concept of Energy bidding is emerging in the Market-based Demand Response. In order to cope the anticipated challenges of bidding strategies and load scheduling, the decentralized approach by using Multi-Agent System (MAS) is used to effectively manage the dispatchable loads, distributed generation and storage. Therefore, in this paper, similar system model is considered and has an aim to present the complex bid model for time-shifting loads. The proposed bid model consists of six elements, out of which the five elements show the characteristics of dispatchable load and the last element is it's respective bid price. Finally, the paper presents the simulation results of the case study in order to discuss the applicability and efficacy of the proposed bid model.