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Risk management of generators' strategic bidding in dynamic oligopolistic electricity market using optimal control

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2 Author(s)
Liu, Y.F. ; Dispatch Center, State Grid Jiang Xi Electr. Power Corp., NanChang JiangXi ; Wu, F.F.

Here, the risk-constrained generation decision in a dynamic oligopolistic electricity market using stochastic optimal control is studied. In this formulation, the generation competition process is modelled as a dynamic feedback system, taking into account the system demand variation and generators' adaptive behaviours. Using the proposed framework, the risk-constrained strategic bidding is investigated with stochastic optimal control. Two common methods of risk management are discussed: the min-max regret technique and the mean-variance technique. It is found that the risk-constrained decision always results in less generation

Published in:

Generation, Transmission & Distribution, IET  (Volume:1 ,  Issue: 3 )