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Ítem Effects on Electricity Markets of a Demand Response Model Based on Day Ahead Real Time Prices: Application to the Colombian Case(IEEE-INST ELECTRICAL ELECTRONICS ENGINEERS INC, 2018-05-01) Rivera, Juan Carlos; Paramo, Oscar Alejandro; Lopez, Gustavo Adolfo; Rivera, Juan Carlos; Paramo, Oscar Alejandro; Lopez, Gustavo Adolfo; Universidad EAFIT. Departamento de Ciencias; Matemáticas y AplicacionesThis paper presents an alternative methodology, based on a cost optimization model, for evaluating some effects of the implementation of an alternative Demand Response (RD) program based on Day Ahead Real-Time Pricing (DA-RTP) in electricity markets. The proposed methodology has three special characteristics: the first one is to assume that users can modify their consumption patterns without altering the quantity demanded daily; second one, users flexibility to shift demand between hours depend of the kind of user and the time (peak vs off peak hours); finally, consumers have limited capability to shift demand outside of certain periods withing the day. The model is tested with a simulation exercise for the Colombian electricity market. The results show a significant improvement in system and market performance, including consumer savings, a flattened load curve, and reduced operational risk in the system. © 2003-2012 IEEE.Ítem Effects on Electricity Markets of a Demand Response Model Based on Day Ahead Real Time Prices: Application to the Colombian Case(IEEE-INST ELECTRICAL ELECTRONICS ENGINEERS INC, 2018-05-01) Rivera, Juan Carlos; Paramo, Oscar Alejandro; Lopez, Gustavo Adolfo; Universidad EAFIT. Escuela de Ciencias; Modelado MatemáticoThis paper presents an alternative methodology, based on a cost optimization model, for evaluating some effects of the implementation of an alternative Demand Response (RD) program based on Day Ahead Real-Time Pricing (DA-RTP) in electricity markets. The proposed methodology has three special characteristics: the first one is to assume that users can modify their consumption patterns without altering the quantity demanded daily; second one, users flexibility to shift demand between hours depend of the kind of user and the time (peak vs off peak hours); finally, consumers have limited capability to shift demand outside of certain periods withing the day. The model is tested with a simulation exercise for the Colombian electricity market. The results show a significant improvement in system and market performance, including consumer savings, a flattened load curve, and reduced operational risk in the system. © 2003-2012 IEEE.