Impacts of Renewable Sources of Energy on Bid Modeling Strategy in an Emerging Electricity Market Using Oppositional Gravitational Search Algorithm

Satyendra Singh,Manoj Fozdar,Fahad R Albogamy,Hasmat Malik,Sattam Al Otaibi,Irfan Ahmad Khan

doi:10.3390/en14185726

Abstract

Power suppliers in a dynamic power market can achieve full benefit by introducing a bidding strategy mechanism. In the power sector, renewable resources have significant gradual usage and their effect on the production of detailed bidding approaches is becoming further complicated in the industry. Due to the irregular nature of these renewable resources and because they are subject to several fluctuations, there is an inherent issue with generating electricity. Taking these considerations into account, attempts have been made to create a model of bidding strategy to optimize the benefit of the electricity producers using the oppositional gravitational search algorithm. The Weibull and Beta distribution functions are utilized to describe the stochastic characteristics of the wind-speed profile and solar-irradiation, respectively. For the IEEE-30 and IEEE-57 frameworks, the suggested method is being checked and explained. In comparison to other optimization approaches, the results of this approach were taken into account, and it was discovered that it outperformed other techniques in addressing bid difficulties. In addition, it is worth noting that the impact of renewable energy on the bidding strategy lowered market clearing and thermal power generating costs, and encouraged renewable influenced producers to put forward the excess electricity into the real-time market.

Highlights

The proposed algorithm has been tested on IEEE 30 bus and IEEE 57 bus systems
Due to the combination of unpredictable competing bid parameters and uncertain renewable power providers, the problem of strategic bidding is regarded as a challenging stochastic optimization issue
The theory and method presented in this work illustrated how a power supplier might determine the charges at which a particular capacity of energy may be provided to the grid structure while accounting for opponent prediction performance, renewable power uncertainty, and anticipated structure requirements

Summary

Introduction

The modernization of the electrical power industry eliminates the monopoly existence of generation, allowing consumers to choose between different providers and bringing competition to multiple stages This type of electricity market allows generation companies (GENCOs) to establish optimum competitive bidding strategies in order to optimize benefit [2]. In a perfect competitive world, the marginal production rate and the bid rates of generating firms (GENCOs) are quite comparable This theory, is entirely false, because in practice, the competitive system is an oligopoly, with premiums greater than the marginal output expense [3]. This is attributed to a variety of characteristics of the electricity sector, including the effects of various generation restrictions and the small number of suppliers [4]. The benefit of a power producer is primarily determined by the market clearing price (MCP)

Results

Discussion

Conclusion