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Electricity tariffs under imperfect knowledge of participant benefits

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3 Author(s)
Baldick, R. ; Dept. of Electr. Eng. & Comput. Sci., California Univ., Berkeley, CA, USA ; Kaye, R. ; Wu, F.F.

The authors consider the problem of establishing tariffs for electrical energy under uncertainty about the value of the energy to the participants. A tariff update that achieves welfare maximization asymptotically through successive approximations to the ideal tariff is proposed. The successive update of the tariff avoids the need for accurate a priori knowledge of electricity system demand and generation as a function of price. The key results are a tariff update algorithm and a proof of local convergence, two necessary steps for implementation of practical responsive pricing

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Power Systems, IEEE Transactions on  (Volume:7 ,  Issue: 4 )