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Smart grids facilitate the implementation of demand response programs by providing suitable communication infrastructure. The demand bidding/buyback is one of the demand response (DR) programs that encourages large consumers to change their energy consumption pattern and decline their peak load in return for financial rewards. In this paper, implementation of the demand bidding/buyback program in centralized and fully distributed control strategy is modeled, and the required information exchanges are depicted. Finally, features of each control strategy are summarized.