Robust Energy Procurement Under Time-of-Use Pricing

The time-of-use (TOU) pricing is one of the most important demand response programs in an electricity market, which is used to manage the peak load demand. In this way, capital investment of extra power plants, which may be required few hours during a year, is eliminated. In the TOU demand response program, a constant set of tariffs for different hours of the day and/or seasons is defined at the beginning of a given horizon.