I. INTRODUCTIONRecently, smart grid

I. INTRODUCTION
Recently, smart grids have been used for efficient and reliable
delivery of sustainable electricity services. Smart meters enable
two way communication between users and grid operators. One
of the important features of smart grid is the ability to shape
users load demand curves by using demand response (DR)
strategies. DR strategy helps users to reduce their energy
consumption when the price is high resulting in lower
electricity bills. This also helps in reducing peak hour load
demand. Current research on optimization in smart grids
focuses on a single objective function such as reduction of
energy consumption or maximizing the utility. Samadi et al.
[1] designed an auction based algorithm where users provide
their utility functions and energy constraints to the utility
company, for maximizing users’ utility functions. Li et al. [2]
have also proposed a similar auction scheme. Agarwal and Cui [3]
propose a load scheduling strategy among users that can be