Multi-Objective Energy Management Considering Incentive-based Demand Response Program with Real Time Pricing

This paper proposes an optimal energy management approach that considers the incentive-based Demand Response Program (DRP) and grid pricing variation throughout the day. Distribution Network Operator (DNO) manages the operation of the network in multi-objective optimization framework to minimize the total operational cost, total voltage deviation, total energy loss, and greenhouse gas emissions. In addition, minimizing power grid penetration, and maximizing Voltage Stability Index (VSI). The proposed multi-objective approach is based on Bi-Level optimization framework. The first level applies DRP which aims to maximize DNO profit by optimizing consumer power curtailment and an optimal Incentive Rate for consumers participate in DRP. The second level involves multi-objective optimal power sharing among Distributed Energy Resources (DERs) and the grid considering the modified load of the first level. The proposed approach is applied to an IEEE 33-bus distribution network connected to DERs. Total energy loss and total voltage deviation decrease by 34.95% and 41.6%, respectively. However, VSI enhances by 4.45%, and the grid purchased power decreases by 14.24%. The proposed approach combines a technique for Order of Preference by Similarity to an Ideal Solution (TOPSIS) with an Elephant Herding Optimization (EHO) technique.