Abstract
In a wholesale power market, generation companies (GENCOs) and distribution companies (DISCOs), as market players, try to maximize their payoffs by implementation of optimal strategies. This paper presents a method for determining GENCOs and DISCOs' optimal bidding strategies considering other participants' bidding and power systems operating conditions. It is assumed that DISCOs bid their distributed generations (DG) and GENCOs bid their generators in a day-ahead wholesale energy market. Meanwhile we assume that DISCOs bid interruptible loads (ILs) in market on behalf of their end customers. The proposed methodology is modeled as a bi-level multi-objective optimization problem with the upper subproblem representing individual GENCOs and DISCOs and the lower subproblem representing the Independent System Operator (ISO). The upper level maximizes the individual market participant's payoffs and the lower one solves the ISO's market clearing problem for minimizing operation costs. Genetic algorithm (GA) and fuzzy satisfying method (FSM) are employed for solving the proposed model and determining optimal bidding strategies. An eight-bus system is employed to illustrate the proposed method. Copyright © 2010 John Wiley & Sons, Ltd.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
