ABSTRACT
Electric power management is changing because of the growth of renewable power production. Demand for energy, of course, fluctuates over time and has some flexibility. For example, electric vehicle batteries can be charged when supply exceeds demand as part of an organized power management plan. On the other hand, solar- and wind-generated electricity are produced when the sun shines and wind blows, producing supply unconditional of demand. Electrical power demand management is needed because it is necessary to balance supply and demand at all times. Batteries have a critical value in this management as a place to store excess energy that is produced. The batteries are able to hold the excess energy and then supply it at peak power demand times. Time-of-use prices and real-time prices can be used to help regulate the balance between supply and demand. With modern electronics (smart meters and a smart grid) power companies have the capability to reduce demand at peak power times and increase demand when that is needed. To do this, mutually beneficial agreements are needed with customers.
