Abstract
This work considers a power producer with dominant position in electricity market. A bi-level model is constructed to derive optimal offering strategies for this producer. The bi-level model is reformed into a mathematical programming with equilibrium constraints (MPEC) model which is then recast into a mixed integer linear program using strong duality theorem and Karush-Kuhn-Tacker first order optimality conditions. The proposed algorithm results in optimal scheduled thermal and wind energy production as well as reserve deployments for the strategic producer. It also provides endogenous formation of local marginal prices and optimal offers under network constraints and wind generation uncertainty.
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