The paper presents an optimal and autonomous incentive-based energy consumption scheduling algorithm for smart grids. The proposed algorithm aims to minimize the overall energy cost and balance the power demand across the grid by incentivizing users to shift their energy consumption to off-peak hours. The algorithm is designed to be autonomous, meaning that it can operate without the need for centralized control or communication between users.
The algorithm uses a two-stage approach to incentivize users. In the first stage, users are assigned a baseline energy consumption profile based on their historical energy usage. In the second stage, users are offered a financial incentive to shift their energy consumption to off-peak hours. The incentive is calculated based on the difference between the current energy price and the baseline energy price.
The authors evaluated the performance of the proposed algorithm using simulation studies. The results show that the algorithm can reduce the overall energy cost and balance the power demand across the grid. The algorithm is also shown to be robust to changes in user behavior and can adapt to changes in the energy market.
Overall, the proposed algorithm provides a practical solution for incentivizing users to shift their energy consumption to off-peak hours, which can help reduce the overall energy cost and balance the power demand across the smart grid.