Assessing consumer readiness for participation in IoT-based demand response business models

Miloš Radenković, Zorica Bogdanović, Marijana Despotović-Zrakić, Aleksandra Labus and Saša Lazarević

Technological Forecasting and Social Change, 2020, vol. 150, issue C

Abstract: The paper studies the consumer readiness for participation in new business models for demand response in electricity markets. The main premise is that consumers’ attitudes, if considered during the development, ensure that the business model meets the interests of the consumers, while still maintaining a focus on its original purpose. The goal of the paper is twofold: to develop a new business model suitable for a developing electricity market, that enables customer participation in the demand response services, and to analyze customer readiness to participate in the developed model. The proposed business model relies on internet of things, as a technology that provides customers with an easy way to participate in demand response services. The customers’ attitudes towards various incentives, such as green energy, environmental protection, profit and interest in new technologies, as well as trust in the market operator were taken into consideration. The results indicate that different service packages can be created for different types of customers depending on individual characteristics. Additionally, results show that consumers show interest in environmental conservation, while they prefer state institutions as service operators. Using the gathered results, new insights can be gained into demand response user acceptance, and further business strategies formulated.

Keywords: Energy market participation; Demand response; Internet of Things; Technology readiness (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:tefoso:v:150:y:2020:i:c:s004016251930174x

DOI: 10.1016/j.techfore.2019.119715

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