24/7 hourly response to electricity real-time pricing with up to eight summers of experience

This paper provides hourly own and cross price elasticities for industrial customers with up to 8 years of experience on Duke Power optional real-time rates. We include the effects of customer characteristics and temperature conditions. Aggregated results show larger own elasticities than have previous studies, complementarity within the potential peak hours and substitution in the late evening. As customers gain experience with hourly pricing, they show larger load reductions during higher priced hours. As compared to a TOU rate, net benefits are $14,000 per customer per month, approximately 4% of the average customer's bill, and much greater than metering costs.