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Price-takers’ bidding strategies in joint energy and spinning reserve pay-as-bid markets
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.
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