Abstract
This paper proposes an optimal method for trading electric energy in an electricity market, addressing both pool and bilateral contracts from retailer's perspective in which demand response (DR) programs are taken into account. Retailer activities are divided into medium and short-term programs. In the medium-term program, which is on a monthly basis, due to volatility of pool prices Monte Carlo simulation is used to solve the problem uncertainty, obtaining how much energy to buy through bilateral and pool contracts. Here, an elastic load model is assumed that is more realistic. Subsequently, in the short-term program that is on daily basis a DR based model is proposed for the retailer to maximize its profit considering DR programs and medium term outputs as well. The simulations are implemented based on some various DR programs and the results are compared.
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