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Dynamic pricing is the most important tool in demand side management, that can offer variety of prices at various demand levels. This paper presents the existing electricity tariff structures around the globe with its risk and rewards. Also presents the analysis of availability of Time-of-Day (ToD) structure in different states of India like Maharashtra, Kerala, Karnataka, Gujarat, Chhattisgarh, Uttar Pradesh, Madhya Pradesh, Bihar, Assam, etc. To minimize the electricity bill, TOD model is discussed, which is already implemented in many countries for residential and non-residential sector like USA, Germany, Japan, China, etc. But in India TOD is available only for non-residential sector. Hence, this paper proposes the real time tariff model for residential sector in India to get the maximum benefit in electricity bill. The analysis of TOD model of different states in India is carried out through this paper and is proposed for Indian residential sector. The case study of a middle class family is carried out for understanding the effectiveness and benefits of TOD. Net metering is a rising concept which helps consumers to minimize their electricity bills by consuming selfgenerated electricity from sustainable vitality resources. It also facilitates consumers to sell the surplus vitality back to utility
Dynamic pricing is the most rising field of exploration in the market of electricity and also an important parameter of demand-side management. It can reduce peak load by levying variety of prices at various levels of time periods as per demand. Normally, the energy markets offer flat rate tariff or block rate tariff. In flat rate tariff, prices remain unaffected irrespective of demand, whereas, in block rate tariff, the per unit cost of electricity is either more or less with the increasing slabs of consumption. The costs of generation during peak hours are high, since most peak hours generating units have higher operating costs than base load units. Thus, abovementioned electricity tariffs do not reflect the exact costs of generation and distribution. Dynamic pricing not only helps in reducing peak demand, but also provide each consumer with a chance to reduce energy bill at a persistent consumption level. It is possible just by changing the energy consumption pattern by shifting the load from peak hours to off peak hours . Therefore, electricity prices can be roughly divided into two types: 1) static prices which does not change with a change in demand and 2) dynamic prices which changes with the changing demand situation .
Case study 1 to 4 in section III proves that the real time tariff is superior over slab wise tariff. The different cases like real time tariff (RTT) in combination with load scheduling i.e. shifting the load from peak period to shoulder period or off peak period is discussed. The combination of RTT with load scheduling gives minor saving in the bill. To obtain major saving in the bill, proper load scheduling is required. So rescheduling of load i.e. shifting the load from peak period to shoulder period or off peak period as per seasonal requirement is discussed (may turn off the least essential devices). Case 5, shows that the combination of slab wise tariff with RE leads to saving in electricity bill whereas in case 6 and 7, combination of real time tariff, load scheduling with RE source leads to major saving in electricity bill.
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