Double Side Optimal Bidding Strategy In Deregulated Electricity Market Using Krill Herd Algorithm

Abstract

In this article, double side optimal bidding strategy (DSOBS) for electricity market in deregulation has been solved using Krill herd (KH) algorithm. Bidding coefficients and market clearing price (MCP) are the prime factors to decide the profit of the consumers and suppliers. In the deregulation, the generating companies and distribution companies submit their bids for maximizing the profit. Initially, The KH algorithm is applied to find the bidding coefficients at the maximum value of probability destiny function (pdf), and then the same algorithm is used for evaluating the optimal bidding parameters to maximise the profit of consumers and suppliers. In the process of determining the optimal bidding coefficients, the above two steps are interdependent. Code of the KH algorithm is developed and executed on IEEE 30 bus system in MATLAB (2019 version). Simulation results such as output powers, bidding coefficients are presented. Outcome results of the suggested method are compared with the conventional, heuristic and hybrid methods. It has been found that the suggested algorithm provides the best profits within considerable computational time. Also the proposed method can be suggested for the real time operation of electricity markets.