Power systems of today have several problems such as growing demand and fluctuations in energy consumption. Demand Side Management as a subtopic of Smart Grid provides various solutions to these problems. Intelligent Load Control has a great potential for load shifting and savings if used together with thermostatic loads. Cooling systems, especially refrigerators, mostly have a big ratio in residential energy consumption. Refrigerators with close parameters, similar working environments and periodic working schedules can provide accurate estimations of energy consumption with simulations. In this study, DSM potential of two refrigerators with different energy efficiency classes is analyzed. By using a refrigerator model and the measurements collected from real devices, achievable percentage of demand change in peak times and savings in annual electricity bills are estimated. The study showed that with multiple pricing and load control, annual electricity costs of refrigerators can be reduced by 12.60 to 14.78%, while decreasing demand in peak periods by 23.12 to 41.73%. © 2012 IEEE.