2021-04-122018-05-0115480992WOS;000438094400018SCOPUS;2-s2.0-85049780130http://hdl.handle.net/10784/27797This 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.spahttps://v2.sherpa.ac.uk/id/publication/issn/1548-0992articleCommerceCostsElectric power transmission networksMathematical programmingSmart power gridsConsumption patternsDay-ahead real-time pricingDemand responseMarket performanceOperational risksReal time pricingSimulation exerciseSmart gridPower markets2021-04-12Rivera, Juan CarlosParamo, Oscar AlejandroLopez, Gustavo Adolfo10.1109/TLA.2018.8408436