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Planning models have been used for many years to optimize generation investments in electric power systems. More recently, these models have been extended in order to treat demand-side management on an equal footing. This paper stresses the importance of integrating short-term demand response to time-varying prices into those investment models. Three different methodologies are suggested to integrate short-term responsiveness into a long-term model assuming that consumer response can be modelled using price-elastic demand and that generators behave competitively.
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