Abstract

The price of a commodity, as electricity, is determined on a commodity market. A market is efficient when the supply and demand in the market are at an equilibrium. Efficient markets run on information. Information can cause a spontaneous and instantaneous change within the supply and demand in a market. The market communicates this new equilibrium through the change of the price of a commodity. In the electricity market the supplier and consumer communicate through electrical load profiles. A load profile signals when and how much energy should be consumed within a certain time frame without causing a change in the price of electricity. Creating such load profiles is commonly done by the supplier of energy by means of standard load profiles. Here we propose a data-driven simulation-based method that allows for the consumer to create its own specific load profile, which potentially will bring down the cost of energy consumed.