Price Based Demand Response

Price-based demand response (PBDR) leverages dynamic electricity pricing to incentivize consumers to shift their energy consumption, improving grid stability and efficiency. Current research focuses on developing accurate predictive models of consumer behavior under varying price signals, often employing machine learning techniques like deep reinforcement learning and online learning algorithms to optimize energy allocation and minimize costs. These advancements are crucial for integrating renewable energy sources like solar power and managing the increasing demand from electric vehicles, ultimately contributing to a more sustainable and cost-effective energy system.