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Optimal response of an oligopolistic generating company to a competitive pool-based electric power market

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4 Author(s)
Conejo, A.J. ; Departamento de Ingenieria Electrica, Univ. de Castilla-La Mancha, Ciudad Real, Spain ; Contreras, J. ; Arroyo, J.M. ; de la Torre, S.

The target of an oligopolistic generating company in a pool-based electric power market is to maximize its profits using two related instruments at hand: (1) its ability to modify the market-clearing price; and (2) its capability to alter its own production level. Power balance is not an issue for the generating company; the independent system operator ensures power balance considering generator and demand bids through any market-clearing procedure. This paper proposes a mathematical model to determine the output of the generators owned by an oligopolistic generating company so that its profit is maximized for a one-day to one-week time horizon. An efficient solution technique to solve the resulting large-scale discontinuous nonlinear mixed-integer optimization problem is reported. A case study that illustrates the proposed model and the solution technique developed is analyzed in detail

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Power Systems, IEEE Transactions on  (Volume:17 ,  Issue: 2 )