<![CDATA[Aim of demand response (DR) programs are to change the usage pattern of electricity in such a way that, beneficial to the consumers as well as to the distributors by applying some methods or technology. This way additional cost to erect new energy sources can be postponed in power grid. Best method to implement demand response (DR) program is by influencing consumer through the implementation of real time pricing scheme. To harness the benefit of DR, automated home energy management system is essential. This paper presents a comprehensive demand response system with real time pricing. The real time price is determined after considering price elasticity of various classes of consumers and their load profiles. A real time clustering algorithm suitable for big data of smart grid is devised for the segmentation of consumers. This paper is novel in its design for real time pricing and modelling and automatic scheduling of appliances for home energy management. Simulation results showed that this new real time pricing method is suitable for DR programs to reduce the peak load of the system as well as reducing the energy expenditure of houses, while ensuring profit for the retailer.]]>
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