Effective demand side management (DSM) strategies for the deregulated market envioronments

The ever increasing population has posted a serious mismatch between supply and demand of electrical energy. The whole power system network needs to be restructured and new units must be deployed to mitigate this problem. A new effective technique known as Demand Side Management (DSM) can efficiently optimize resource utilization without the further need of adding up new units resulting in unnecessary capital cost. In this paper efficient DSM strategies for the deregulated market environments are put forth. Also a game theoretic model has been proposed to optimize the demand response in the smart grid. Our simulation results show that there is a decrease of around 20% in user's electricity bill when they schedule their appliances according to our proposed concept.