Review of dynamic pricing programs in the U.S. and Europe: Status quo and policy recommendations
- Authors
- Hu, Zheng; Kim, Jin-ho; Wang, Jianhui; Byrne, John
- Issue Date
- Feb-2015
- Publisher
- PERGAMON-ELSEVIER SCIENCE LTD
- Keywords
- Dynamic pricing; Demand response; Electricity tariffs
- Citation
- RENEWABLE & SUSTAINABLE ENERGY REVIEWS, v.42, pp.743 - 751
- Journal Title
- RENEWABLE & SUSTAINABLE ENERGY REVIEWS
- Volume
- 42
- Start Page
- 743
- End Page
- 751
- URI
- https://scholarworks.bwise.kr/gachon/handle/2020.sw.gachon/10798
- DOI
- 10.1016/j.rser.2014.10.078
- ISSN
- 1364-0321
- Abstract
- With the development of demand response (DR) technologies and increasing electricity demand, dynamic pricing has been a popular topic in many countries. This paper evaluates various dynamic pricing programs in the U.S. and Europe, and provides insights into various aspects including risks and rewards, enabling technologies, lower-income groups and customer types surrounding programs such as Time-of-Use (TOU), Critical Peak Pricing (CPP), Peak Time Rebates (PTR) and Real Time Pricing (RTP). We conclude this paper with three main findings: (1) policy coordination in promoting dynamic pricing programs between federal and state regulatory agencies is very critical; (2) customer engagement is very important and can be enhanced via more accessible educational programs and policy adjustments; and (3) more investment in related R&D is required to construct a commonly accepted methodology for measuring the effectiveness of dynamic pricing programs. (C) 2014 Elsevier Ltd. All rights reserved.
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