Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/9521
Title: Strategic bidding for electricity supply in a day-ahead energy market
Authors: Wen, FS
David, AK
Keywords: Bidding strategies
Day-ahead market
Electricity market
Genetic algorithm
Independent system operator (ISO)
Power exchange (PX)
Power pool
Sealed auction
Stochastic optimization
Issue Date: 2001
Publisher: Elsevier
Source: Electric power systems research, 2001, v. 59, no. 3, p. 197-206 How to cite?
Journal: Electric power systems research 
Abstract: The problem of building optimal bidding strategies for competitive suppliers in a day-ahead energy market is addressed in this paper. It is assumed that each supplier bids 24 linear energy supply functions, one for each hour, into the day-ahead energy market, and the market is cleared separately and simultaneously for all the delivery hours. Each supplier makes decisions on unit commitment and chooses the coefficients in the linear energy supply functions to maximize total benefits in the schedule day, subject to expectations about how rival suppliers will bid. Two different bidding schemes, namely 'maximum hourly-benefit bidding strategies' and 'minimum stable output bidding strategies', have been suggested for each hour, and based on these two schemes an overall bidding strategy in the day-ahead market can then be developed. Stochastic optimization models are first developed to describe these two different bidding schemes and a genetic algorithm based method is then presented to develop an overall bidding strategy for the day-ahead market. A numerical example is utilized to illustrate the essential features of the method.
URI: http://hdl.handle.net/10397/9521
ISSN: 0378-7796
EISSN: 1873-2046
DOI: 10.1016/S0378-7796(01)00154-7
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