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Abstract In contemporary power system management, leveraging multilevel demand response strategies plays a pivotal role in balancing energy supply with demand, thereby enhancing system efficiency and flexibility. This paper introduces an innovative optimization model for virtual power plant operations that anticipates the scheduling needs several days in advance. It incorporates a comprehensive approach to demand response on the consumer side, highlighting two main types: price-based and substitution-based responses. Furthermore, the model integrates the functionalities of energy storage and conversion devices. This integration aims to facilitate effective load management, ensuring an optimized load distribution while minimizing the overall system costs.
Wang et al. (Thu,) studied this question.