Publication

Satisfiability of Elastic Demand in the Smart Grid

Jean-Yves Le Boudec
2010
Reports

Abstract

We study a stochastic model of electricity production and consumption where appliances are adaptive and adjust their consumption to the available production, by delaying their demand and possibly using batteries. The model incorporates production volatility due to renewables, ramp-up and ramp-down time, uncertainty about actual demand versus planned production, delayed and evaporated demand due to adaptation to insufficient supply. We study whether threshold policies stabilize the system. The proofs use Markov chain theory on general state space.

Official source

https://infoscience.epfl.ch/entities/publication/58748649-e6c0-4f92-b4d8-6174aeac3b82

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Jean-Yves Le Boudec
2010
Reports

Abstract

Official source

https://infoscience.epfl.ch/entities/publication/58748649-e6c0-4f92-b4d8-6174aeac3b82

About this result

Related concepts (32)

Demand

In economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given time. The relationship between price and quantity demand is also called the demand curve. Demand for a specific item is a function of an item's perceived necessity, price, perceived quality, convenience, available alternatives, purchasers' disposable income and tastes, and many other options. Innumerable factors and circumstances affect a consumer's willingness or to buy a good.

Demand curve

In a demand schedule, a demand curve is a graph depicting the relationship between the price of a certain commodity (the y-axis) and the quantity of that commodity that is demanded at that price (the x-axis). Demand curves can be used either for the price-quantity relationship for an individual consumer (an individual demand curve), or for all consumers in a particular market (a market demand curve). It is generally assumed that demand curves slope down, as shown in the adjacent image.

Law of demand

In microeconomics, the law of demand is a fundamental principle which states that there is an inverse relationship between price and quantity demanded. In other words, "conditional on all else being equal, as the price of a good increases (↑), quantity demanded will decrease (↓); conversely, as the price of a good decreases (↓), quantity demanded will increase (↑)". Alfred Marshall worded this as: "When we say that a person's demand for anything increases, we mean that he will buy more of it than he would before at the same price, and that he will buy as much of it as before at a higher price".

Related publications (8)

Satisfiability of Elastic Demand in the Smart Grid

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