Time‐phased electricity package design for electricity retailers considering bounded rationality of consumers

Abstract The ever‐increasing competition in electricity retail markets has become one of the pivotal causes for electricity retailers to provide attractive packages to consumers for enhancing their market shares. Based on the current user‐side time‐of‐use electricity price mechanism in China, a bi‐l...

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Autores principales:	Zhi Zhang, Zhenzhi Lin, Fushuan Wen, Li Yang, Yusheng Xue
Formato:	article
Lenguaje:	EN
Publicado:	Wiley 2021
Materias:	Energy industries. Energy policy. Fuel trade HD9502-9502.5 Production of electric energy or power. Powerplants. Central stations TK1001-1841
Acceso en línea:	https://doaj.org/article/0a0326295c44426982ee77aa031b4dd8
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spelling	oai:doaj.org-article:0a0326295c44426982ee77aa031b4dd82021-11-22T16:30:34ZTime‐phased electricity package design for electricity retailers considering bounded rationality of consumers2634-158110.1049/enc2.12024https://doaj.org/article/0a0326295c44426982ee77aa031b4dd82021-03-01T00:00:00Zhttps://doi.org/10.1049/enc2.12024https://doaj.org/toc/2634-1581Abstract The ever‐increasing competition in electricity retail markets has become one of the pivotal causes for electricity retailers to provide attractive packages to consumers for enhancing their market shares. Based on the current user‐side time‐of‐use electricity price mechanism in China, a bi‐level optimization model for designing a time‐phased and quantity‐incentive electricity package is proposed for electricity retailers considering bounded rationality of consumers. In the upper‐level model, the optimization objective is to maximize the electricity purchase and sale revenue of a specified retailer. In the lower‐level model, consumers are modelled as bounded rational decision‐makers whose objective is to purchase the electricity package with the highest value, considering the value of the excess electricity of the package. In addition, consumer psychology theory is introduced to describe the bounded rational responses of consumers to electricity packages. Simulations based on data of residential consumers in a city of China illustrate that by properly determining package quotas in different time periods, electricity retailers can guide consumers to change consumption time and volume, and hence, increase their revenues by increasing trading volume or reducing electricity procurement costs in forward bilateral transactions and spot markets.Zhi ZhangZhenzhi LinFushuan WenLi YangYusheng XueWileyarticleEnergy industries. Energy policy. Fuel tradeHD9502-9502.5Production of electric energy or power. Powerplants. Central stationsTK1001-1841ENEnergy Conversion and Economics, Vol 2, Iss 1, Pp 15-24 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Energy industries. Energy policy. Fuel trade HD9502-9502.5 Production of electric energy or power. Powerplants. Central stations TK1001-1841
spellingShingle	Energy industries. Energy policy. Fuel trade HD9502-9502.5 Production of electric energy or power. Powerplants. Central stations TK1001-1841 Zhi Zhang Zhenzhi Lin Fushuan Wen Li Yang Yusheng Xue Time‐phased electricity package design for electricity retailers considering bounded rationality of consumers
description	Abstract The ever‐increasing competition in electricity retail markets has become one of the pivotal causes for electricity retailers to provide attractive packages to consumers for enhancing their market shares. Based on the current user‐side time‐of‐use electricity price mechanism in China, a bi‐level optimization model for designing a time‐phased and quantity‐incentive electricity package is proposed for electricity retailers considering bounded rationality of consumers. In the upper‐level model, the optimization objective is to maximize the electricity purchase and sale revenue of a specified retailer. In the lower‐level model, consumers are modelled as bounded rational decision‐makers whose objective is to purchase the electricity package with the highest value, considering the value of the excess electricity of the package. In addition, consumer psychology theory is introduced to describe the bounded rational responses of consumers to electricity packages. Simulations based on data of residential consumers in a city of China illustrate that by properly determining package quotas in different time periods, electricity retailers can guide consumers to change consumption time and volume, and hence, increase their revenues by increasing trading volume or reducing electricity procurement costs in forward bilateral transactions and spot markets.
format	article
author	Zhi Zhang Zhenzhi Lin Fushuan Wen Li Yang Yusheng Xue
author_facet	Zhi Zhang Zhenzhi Lin Fushuan Wen Li Yang Yusheng Xue
author_sort	Zhi Zhang
title	Time‐phased electricity package design for electricity retailers considering bounded rationality of consumers
title_short	Time‐phased electricity package design for electricity retailers considering bounded rationality of consumers
title_full	Time‐phased electricity package design for electricity retailers considering bounded rationality of consumers
title_fullStr	Time‐phased electricity package design for electricity retailers considering bounded rationality of consumers
title_full_unstemmed	Time‐phased electricity package design for electricity retailers considering bounded rationality of consumers
title_sort	time‐phased electricity package design for electricity retailers considering bounded rationality of consumers
publisher	Wiley
publishDate	2021
url	https://doaj.org/article/0a0326295c44426982ee77aa031b4dd8
work_keys_str_mv	AT zhizhang timephasedelectricitypackagedesignforelectricityretailersconsideringboundedrationalityofconsumers AT zhenzhilin timephasedelectricitypackagedesignforelectricityretailersconsideringboundedrationalityofconsumers AT fushuanwen timephasedelectricitypackagedesignforelectricityretailersconsideringboundedrationalityofconsumers AT liyang timephasedelectricitypackagedesignforelectricityretailersconsideringboundedrationalityofconsumers AT yushengxue timephasedelectricitypackagedesignforelectricityretailersconsideringboundedrationalityofconsumers
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Time‐phased electricity package design for electricity retailers considering bounded rationality of consumers

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