  Nowadays, attitudes towards electricity customers have been changed, so that
they are no longer considered static players. The customers behavior
identification is vital for establishing modern power systems. This paper
utilizes the customers risk aversion coefficient to model their consumption
behavior. Through the coefficients, the value of electricity consumption is
measured employing the concept of the utility function. The utility function is
an essential concept in microeconomics that measures customers preferences and
interprets how a rational consumer would make consumption decisions. Based on
the utility function, an economic load model and the customers welfare function
are formulated. The load model is utilized to estimate price elasticity, and
income elasticity of electricity demand. The results illustrated as the risk
aversion coefficient increases, the consumers achieve more satisfaction from
the consumption. Electricity consumption will be complement (substitute) if the
risk aversion coefficient is greater (lower) than the unit. For the unit risk
aversion coefficient, the cross-price elasticity will be zero, which means the
consumption is independent of the other period demand. The results illustrated
electricity price increment neutralizes the income increment effect on
consumption. Hence, to study electricity consumption, the price and income
variations should be considered, simultaneously.
