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Price-based demand response is applied to electric power systems. Demand elasticity and consumer response enables load reduction. The methodology is implemented in the DemSi demand response simulator. Competitive electricity markets have arisen as a result of power sector restructuration and power system deregulation. The players participating in competitive electricity markets must define strategies and make decisions using all the available information and business opportunities.
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Faria et al. (2011) studied this question.
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