A real-time pricing
system of electricity is a system that charges different electricity prices for
different hours of the day and for different days, and is effective for
reducing the peak and flattening the load curve. In this paper, using a Markov
decision process (MDP), we propose a modeling method and an optimal control
method for real-time pricing systems. First, the outline of real-time pricing
systems is explained. Next, a model of a set of customers is derived as a
multi-agent MDP. Furthermore, the optimal control problem is formulated, and is
reduced to a quadratic programming problem. Finally, a numerical simulation is
Cite this paper
Kobayashi, K. , Maruta, I. , Sakurama, K. and Azuma, S. (2014) Modeling and Design of Real-Time Pricing Systems Based on Markov Decision Processes. Applied Mathematics
, 1485-1495. doi: 10.4236/am.2014.510141
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