A Framework to Optimize Pricing in a Smart Grid With Renewable Power Sources****

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The project aims to develop a mathematical framework to optimize the pricing of power in a smart power grid with renewable power sources. Taking into account the uncertainty of power generation in the smart grid as well as variation in power demand at the consumer side, we will develop an optimal pricing policy to maximize the revenue of the utility providers subject to the demand satisfaction of the consumers. This framework, which will be developed based on advanced mathematical tools, will be programmed in MATLAB and the deliverables of the project will include a complete software suite implementing the developed optimization framework. The results and deliverables of the project will be used by Primary Engineering and Construction (PRIMARY), the industry partner of this project, to serve its customers such as the utility service providers (e.g. BC Hydro) to provide guidelines on optimizing the power pricing. A Post-Doctoral Fellow will be trained through this project. A long-term research relationship with PRIMARY is expected to be established through this project for further research in the area of smart grid from economics and control point of view. **********