Search

Recently, various distributed energy resources are significantly integrated into the modern power systems. This introduction of distributed energy resource‐rich systems can cause various power quality issues, due to their uncertainties and capacity variations. Therefore, it is crucial to establish energy balance between generation and demand to improve power system's reliability and stability and to minimize energy costs without sacrificing customers' comfort or utility. In this regard, power system flexibility concept is highlighted as a robust and cost‐effective energy management system, especially on the demand side, to provide consumers' demands with an acceptable level of power quality. Accordingly, here, a comprehensive review of recent developments in the power system flexibility and demand‐side management strategies and demand response programs are provided to include mainly classifications, estimation methods, distributed energy resource modelling approaches, infrastructure requirements, and applications. In addition, current research topics for applying power system flexibility solutions and demand‐side management strategies based on modern power system operation are deliberated. Also, prominent challenges, research trends, and future perspectives are discussed. Finally, this review article aims to be an appropriate reference for comprehensive research trends in the power system flexibility concept in general and in demand‐side management strategies and demand response programs, specifically. [ABSTRACT FROM AUTHOR]