Abstract:

Demand response technology based on real-time pricing improves the development and utilization of muti-energy sources based on the balance of supply and demand， thereby improving the overall efficiency of the energy market. To analyze the social welfare of real-time pricing， the relationship between real-time pricing and social welfare based on the social welfare maximization model are studied. Firstly， the analytic solution of real-time pricing under the social welfare maximization is obtained through quadratic programming. On this basis， the quantitative relationship between price and social welfare is derived. Subsequently， based on the derivation results， the impact of the user's elastic parameters and preset parameters on real-time pricing and social welfare is analyzed and explained. Furthermore， the social welfare benefits of real-time pricing compared to fixed electricity prices are explained. Finally， combined with the analytical results and Shanghai pricing standards， an empirical study is implemented. The empirical research results show that real-time prices not only increase consumer surplus， but also improve social welfare compared.

Key words: smart grid, real-time pricing, social welfare, analytical solution, elastic parameters, preset parameters