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The importance of resources for balancing electricity supply and demand is increasing with the decentralization of power systems; the role of demand response is being emphasized to effectively deal with the volatility of renewable energy. In this study, a model to participate in the electricity market, especially energy and demand response, utilizing demand response resources by compensating for the uncertainty of renewable energy products is proposed. The probabilistic distribution of photovoltaic generation, derived based on stochastic programming, was used as a framework for solving the optimization problem by reflecting the uncertainty of photovoltaic generation. Moreover, a demand response modelling approach to enhance flexibility was developed by estimating the maximum potential demand response capacity in an industrial load. The output of these models was used to derive an optimal operational strategy to participate in the day-ahead market. The simulated Korean electricity market results confirmed that the virtual power plant aggregator’s profits increased when using the suggested strategy to utilizing demand response resources.