Optimal stochastic energy management of retailer based on selling price determination under smart grid environment in the presence of demand response program
Stochastic energy management of retailer under smart grid environment is proposed. Optimal selling price is determined in the smart grid environment. Fixed, time-of-use and real-time pricing are determined for selling to customers. Charge/discharge of ESS is determined to increase the expected profit of retailer. Demand response program is proposed to increase the expected profit of retailer.