Study of GenCos’ Cournot behaviors considering market auction mechanism

In restructured power markets participants are able to exercise market power through different bidding strategies. In this paper an important oligopolistic market is presented that all generation companies (GenCos) bid in a Cournot model considering behaviours of elastic load demands at all nodes for a whole standard day .Genetic algorithm (GA) is applied to obtain generation scheduling of each GenCo as well as hourly market clearing prices (MCP). In order to consider network constraints a multiperiod framework is applied to simulate market clearing process that requires the use of continuous and binary variables. Behaviours of generators' biddings and elastic loads are modeled through piecewise block curves. Finally impacts of market clearing process on participants' characteristic and final market prices are presented.