Showing 3 results for Bidding Strategy
A. Badri, S. Jadid, M. Parsa-Moghaddam,
Volume 3, Issue 1 (1-2007)
Abstract
Unlike perfect competitive markets, in oligopoly electricity markets due to
strategic producers and transmission constraints GenCos may increase their own profit
through strategic biddings. This paper investigates the problem of developing optimal
bidding strategies of GenCos considering participants’ market power and transmission
constraints. The problem is modeled as a bi-level optimization that at the first level each
GenCo maximizes its payoff through strategic bidding and at the second level, in order to
consider transmission constraints a system dispatch is accomplished through an OPF
problem. The AC power flow model is used for proposed OPF. Here it is assumed that each
GenCo uses linear supply function model for its bidding and has information about initial
bidding of other competitors. The impact of optimal biddings on market characteristics as
well as GenCos’ payoffs are investigated and compared with perfect competitive markets
where all the participants bid with their marginal costs. Furthermore, effects of exercising
market power due to transmission constraints as well as different biddings of strategic
generators on GenCos’ optimal bidding strategies are presented. Finally IEEE-30 bus test
system is used for case study to demonstrate simulation results.
Sh. Gorgizadeh, A. Akbari Foroud, M. Amirahmadi,
Volume 8, Issue 2 (6-2012)
Abstract
This paper proposes a method for determining the price bidding strategies of
market participants consisting of Generation Companies (GENCOs) and Distribution
Companies (DISCOs) in a day-ahead electricity market, while taking into consideration the
load forecast uncertainty and demand response programs. The proposed algorithm tries to
find a Pareto optimal point for a risk neutral participant in the market. Because of the
complexity of the problem a stochastic method is used. In the proposed method, two
approaches are used simultaneously. First approach is Fuzzy Genetic Algorithm for finding
the best bidding strategies of market players, and another one is Mont-Carlo Method that
models the uncertainty of load in price determining algorithm. It is demonstrated that with
considering transmission flow constraints in the problem, load uncertainty can considerably
influences the profits of companies and so using the second part of the proposed algorithm
will be useful in such situation. It is also illustrated when there are no transmission flow
constraints, the effect of load uncertainty can be modeled without using a stochastic model.
The algorithm is finally tested on an 8 bus system.
H. Rajabi Mashhadi, J. Khorasani,
Volume 9, Issue 1 (3-2013)
Abstract
Strategic bidding in joint energy and spinning reserve markets is a challenging task from the viewpoint of generation companies (GenCos). In this paper, the interaction between energy and spinning reserve markets is modeled considering a joint probability density function for the prices of these markets. Considering pay-as-bid pricing mechanism, the bidding problem is formulated and solved as a classic optimization problem. The results show that the contribution of a GenCo in each market strongly depends on its production cost and its level of risk-aversion. Furthermore, if reserve bid acceptance is considered subjected to winning in the energy market, it can affect the strategic bidding behavior.
