Abstract
AbstractBidding strategies are highly associated with the profit maximization and decreasing the risks for power utilities in a competitive market. For finding the optimal bidding strategies price takers need appropriate bidding structure. Thus, it is required to consider the model as a bi-level optimization problem. In the lower level price takers submit bid strategically to the ISO and in the upper level maximization of social welfare performed by solving the ISO Market clearing price (MCP). This paper aim to summarize the price taker’s bidding strategy modeling methods for competitive market models on the state-of-the art. A new genetic algorithm approach in a day-ahead electricity market in sealed auction with a pay-as-bid MCP has been employed to solve the problem from two different viewpoints i.e. with symmetrical and unsymmetrical information. The efficiency of the proposed method has been tested on the IEEE-30 bus system.
Highlights
Contribution The novelty of this paper is to employ a new GA approach for determining the optimal bidding strategy of a price taker’s in a day-ahead market in sealed auction with a pay-as-bid market clearing price (MCP) to solve the problem from two different viewpoints i.e. with symmetrical and unsymmetrical information
Problem formulation for bidding strategy Assume that a competitive power market consist of “m” independent power producers, an independent system operator (ISO), a market operator and a group of “n” customers who participate in the demand side bidding, in which a sealed auction with a pay-as-bid MCP is employed
In this paper a modified GA approach has been implemented for the optimal bidding of power producer and customer with risk management in the competitive electricity market
Summary
Background and motivation Electricity market experienced major reforms all over the world and competition in power market increased greatly from monopoly power utilities to competitive market power. Somendra P.S. Mathur is a PhD research scholar in the Department of Electrical engineering at MANIT Bhopal. Mathur is a PhD research scholar in the Department of Electrical engineering at MANIT Bhopal He received his BE from MITS Gwalior and Mtech from MANIT Bhopal in 2008 and 2011 respectively. His research interest includes Modern Power system, Deregulation, Power system economics and optimization techniques
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