The aim of this paper is to present a model evaluating the price of a contract between an aggregator and a balance responsible (BR) entity. The contract terms allow the BR to optionally directly control several loads at the end–user’s home where smart equipment, called energy boxes, are installed. These devices give access to control certain non-vital loads for load shedding purposes. The model of this paper is developed from the perspective of the BR which seeks to minimize the balancing cost. This model addresses a new evaluation approach of load shedding via real option theory. A case study for residential load shedding services at a city scale will be described. The results of the proposed method lead to a threshold value after which the contract is considered to be unprofitable for the BR.