By Topic

Decision making of an electricity supplier's bid in a spot market

Sign In

Cookies must be enabled to login.After enabling cookies , please use refresh or reload or ctrl+f5 on the browser for the login options.

Formats Non-Member Member
$33 $13
Learn how you can qualify for the best price for this item!
Become an IEEE Member or Subscribe to
IEEE Xplore for exclusive pricing!
close button

puzzle piece

IEEE membership options for an individual and IEEE Xplore subscriptions for an organization offer the most affordable access to essential journal articles, conference papers, standards, eBooks, and eLearning courses.

Learn more about:

IEEE membership

IEEE Xplore subscriptions

3 Author(s)
Haili Song ; Dept. of Electr. Eng., Washington Univ., Seattle, WA, USA ; Chen-Ching Liu ; J. Lawarree

In a market environment, profitability is the main objective for market players. This paper describes an environment in which suppliers sell electricity via a single auction system, e.g., the UK market. The suppliers submit bids to sell electricity. The market is cleared by maximizing social welfare, subject to power system operational constraints. The bidding decision is optimized from a single supplier's viewpoint. A probabilistic model is proposed for competing suppliers. Their bids are described by probability distributions constructed from decision-maker's observations. The single supplier's decision-making problem is solved by stochastic optimization. The expected value of the profit is calculated over the decision options. This study also shows that in a “multiplecommodity second price auction”, the suppliers have an incentive to bid at marginal costs

Published in:

Power Engineering Society Summer Meeting, 1999. IEEE  (Volume:2 )

Date of Conference: