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Competition in Energy Supply
Published in Clive Beggs, Energy: Management, Supply and Conservation, 2010
The intensive marketing of night storage heaters meant that in some areas of the UK, the regional distribution networks experienced high night-time peaks. This caused problems and resulted in a number of regional distribution companies (who were also electricity suppliers) marketing flexible off-peak domestic tariffs. These flexible off-peak tariffs were designed to replace the old monolithic ‘Economy 7’ tariff, and offered customers 10 hours of off-peak electricity compared with the old 7-hour period [20]. A sample of one of these flexible tariffs is shown in Table 3.3 from which can be seen that the utility company is trying to utilize more effectively the troughs in the UK’s daily demand profile, which generally correspond to periods when electricity prices are low.
Beyond economics and system needs
Published in Jacopo Torriti, Appraising the Economics of Smart Meters, 2020
Time-varying pricing consists of charging higher prices during periods of peak demand to encourage customers to reduce their electricity consumption during those times. A time of use tariff typically sets out several peak and off-peak tariffs, which are charged consistently across every day, with the peak period being the most expensive. For example, the Economy 7 tariff involves two prices: a cheaper night-time electricity tariff, which normally operates from midnight for seven hours at night and a more expensive tariff throughout the rest of the day. In the United Kingdom, this is most effective for those customers who use electric heating.
Minimizing Total Cost of Home Energy Consumption under Uncertainties
Published in Electric Power Components and Systems, 2022
Trung Hieu Tran, Thu Ba T. Nguyen
In this section, we present the results (e.g., total cost and computational time) of our model for solving the case study. Based on the combination of solar insolation data (e.g., summer and winter), economic tariffs (e.g., Economic 7 and 10), and the grid’s and battery storage’s uncertain scenarios in the case study, sixteen instances are constructed. From Table 4, it can be seen that the average total cost for winter day (£383.23) is about 9 times higher than that for summer day (£42.83). That is because the power generated by photovoltaic in winter (5.2 kW) is lower than that in summer (30 kW), the households need to buy additional energy from the grid to satisfy their demand. In addition, the computational result shows that Economy 10 is more efficient than Economy 7 in both of seasons. In particular, the households may reduce 76.24% and 19.33% of the average total cost for summer and winter by using Economy 10 instead of Economy 7, respectively.