Abstract
Additional flexibilities on the demand side can be obtained by using price signals to change the consumption behavior of household electricity customers. The present contribution proposes a new theoretically motivated demand response model type called virtual storage. First, the basic model structure of several virtual storage models is introduced. All of these models are based on a system of difference equations that describe load reductions/increases in response to price signals. The virtual storage models differ thereafter in how past or prognosis-based future price information is considered. After a description of a proposed model validation strategy, the model behavior of several virtual storage models is compared with some of the common demand response model types and with re-al customer responses to a price signal. Thus, a model comparison is performed on the basis of a real smart meter data set (Olympic Peninsula Project).