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Energy Efficiency by Fereidoon P. Sioshansi

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Chapter 16

Smarter Demand Response in RTO Markets

The Evolution Toward Price Responsive Demand in PJM

Stuart Bresler1, Paul Centolella2, Susan Covino3 and Paul Sotkiewicz4, 1Vice President, Market Operations, PJM Interconnection LLC, 2Vice President, Analysis Group, Inc., 3Senior Consultant, Emerging Markets, PJM Interconnection LLC, 4Chief Economist, PJM Interconnection LLC

1 Introduction

Microeconomic theory teaches that in any market, the buyers of a good or service make consumption decisions based upon the price of the product and the value they place on consumption of the product, and their available budget for all goods and services they consume. For example, ask any driver their consumption of gasoline and they will likely recite back to ...

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