In this paper, robust optimization approach is proposed to handle market price uncertainty in which the upper
deviation from forecasted value of pool price will be considered for risk analysis for a retailer. Objective of this
paper is minimization of energy procurement cost for retailer from pool market, forward contracts and demand
response programs (DRP). Therefore, three new designs of demand response (DR) programs have been proposed
in this study which retailer can use to procure their required energy. These new DR schemes consist of pool-order
option, forward-DR and reward-based DR contracts. The robust optimization approach examines the retailer’s
performance at risk-averse and risk-neutral strategies, in which risk-neutral explains the normal performance of
retailer, and risk-averse explains the risky performance of retailer. The proposed robust scheduling of retailer is
modeled via MIP model which can be solved using CPLEX solver under GAMS software. The achieved results
show that the retailer cost in risk-neutral strategy is reduced due to use of new DR schemes. Also, in risk-averse
strategy, retailer cost reduction is more than the risk-neutral strategy use of new DR schemes.