Bidding plays an important role for Gencos participating in competitive electricity markets with the objective of maximising profit. While making bidding strategies, factors like characteristics of generators and price uncertainty need to be considered as they have direct impact on the expected profit. In this work, a method of building an optimal bid curve under price uncertainty using price-based unit commitment (PBUC) is presented. The results indicate a simple yet an effective bidding method.
Inspec keywords: power markets
Other keywords:
References
-
-
1)
- H. Song , C.C. Liu , J. Lawarrée . Nash equilibrium bidding strategies in a bilateral electricity market. IEEE Trans. Power Syst. , 73 - 79
-
2)
- S. Hao . A study of basic bidding strategy in clearing pricing auctions. IEEE Trans. Power Syst. , 975 - 980
-
3)
- F.S. Wen , A.K. David . Optimal bidding strategies and modeling of imperfect information among competitive generators. IEEE Trans. Power Syst. , 1 , 15 - 21
-
4)
- G.B. Shrestha , S. Kai , L. Goel . Strategic bidding for minimum power output in the competitive power market. IEEE Trans. Power Syst. , 813 - 818
-
5)
- F.J. Noga\les , J. Contreras , A.J. Conejo , R. Espinola . Forecasting next-day electricity prices by time series models. IEEE Trans. Power Syst. , 2 , 342 - 348
-
6)
- C.W. Richter , G.B. Sheblé . Genetic algorithm evolution of utility bidding strategies for the competitive marketplace. IEEE Trans. Power Syst. , 256 - 261
-
7)
- D. Zhang , Y. Wang , P.B. Luh . Optimization based bidding strategies in the deregulated market. IEEE Trans. Power Syst. , 981 - 986
-
8)
- X. Guan , Y.C. Ho , F. Lai . An ordinal optimization based bidding strategy for electric power suppliers in the daily energy market. IEEE Trans. Power Syst. , 788 - 797
-
9)
- David, A.K., Wen, F.: `Strategic bidding in competitive electricity markets: a Literature survey', Proc. Power Eng. Soc. Summer Meeting, 2000, 4, p. 2168–2173.
-
10)
- M.A. Plazas , A.J. Conejo , F.J. Prieto . Multi-market optimal bidding for a power producer. IEEE Trans. Power Syst. , 4 , 2041 - 2050
-
11)
- Shrestha, G.B., Pokharel, B.K., Lie, T.T., Fleten, S.-E.: `Price based unit commitment for Gencos in deregulated power market', IEEE PES General Meeting, 2005.
-
12)
- A. Baillo , M. Ventosa , M. Rivier , A. Ramos . Optimal offering strategies for generation companies operating in electricity spot markets. IEEE Trans. Power Syst. , 2 , 745 - 753
-
13)
- A.J. Conejo , F.J. Nogales , J.M. Arroyo . Price-taker bidding strategy under price uncertainty. IEEE Trans. Power Syst. , 4 , 1081 - 1088
-
14)
- C.A. Li , A.J.H. Svoboda , X. Guan , H. Singh . Revenue adequate bidding strategies in competitive electricity markets. IEEE Trans. Power Syst. , 492 - 497
-
15)
- E. Ni , P.B. Luh , S. Rourke . Optimal integrated generation bidding and scheduling with risk management under a deregulated power market. IEEE Trans. Power Syst. , 1 , 600 - 609
-
16)
- E.S. Huse , I. Wangensteen , H.H. Faanes . Thermal power generation scheduling by simulated competition. IEEE Trans. Power Syst. , 2 , 472 - 477
-
17)
- S.O. Orero , M.R. Irving . Large scale unit commitment using hybrid genetic algorithm. Electrical Power Energy Syst. , 1 , 45 - 55
-
1)
http://iet.metastore.ingenta.com/content/journals/10.1049/iet-gtd_20060202
Related content
content/journals/10.1049/iet-gtd_20060202
pub_keyword,iet_inspecKeyword,pub_concept
6
6