Abstract

Conventional grid has limited power generation resources.Therefore, we need an architecture which fulfil the power demand of the users and can restricts the excess use of power beyond the limit.Since the past few years, smart grid has become a better architecture as it can manage the crucial part of the IoT (Internet of Things).Due to its compatible results along with great performance and the new outlook in the computer intelligence for managing the grid to self-monitoring power consumption, the smart grids have started to replace the conventional grids.Even if we are using the smart grid it may lead to the operator incurring a loss; while satisfying the user's power demand.Hence, we are designing a system which will trade-off the users' satisfaction and profit earned by the Smart Grid Operator (SGO).Second goal of the system is to achieve a dynamic pricing scheme for the power consumption, along with maximum power generation.The simulation is carried out by using practical power usage data from ISO (Independent System Operator) New England in Python 3 environment to validate the proposed algorithm's effectiveness towards maximizing the profit of the SGO without compromising user's satisfaction.

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