Optimised Residential Loads Scheduling Based on Dynamic Pricing of Electricity : A Simulation Study

This paper presents a simulation study which addresses Demand Side Management (DSM) via scheduling and optimization of a set of residential smart appliances under day-ahead variable pricing with the aim of minimizing the customer’s energy bill. The appliances’ operation and the overall model are subject to the manufacturer and user specific constraints formulated as a constrained linear programming problem. The overall model is simulated using MATLAB and SIMULINK / SimPowerSystems basic blocks. The results comparing Real Time Pricing (RTP) and the Fixed Time Tariff (FTT) demonstrate that optimal scheduling of the residential smart appliances can potentially result in energy cost savings. The extension of the model to incorporate renewable energy resources and storage system is also discussed