Power procurement strategies of retailer considering demand response program

For electricity retailers, the decision-making of energy procurement and sale has become the core issue of operation. In this paper, an energy management model of the electricity retailer in smart grids has been proposed. Multiple energy procurement sources contain pool market (PM), bilateral contracts (BCs), renewable energy sources (photovoltaic (PV) system and wind turbine (WT)). In addition, electric vehicles (EVs), energy storage system (ESS) and demand response program (DRP), are considered for the retailer to reduce the energy procurement cost and to improve the operational risk resistance ability. In the proposed model, objective functions are established from the perspective of the retailer and end-consumers respectively. To validate the proposed model, a case study is conducted and the results are analysed to draw the conclusions.