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Integrated bidding strategies by optimal response to probabilistic locational marginal prices

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2 Author(s)
Y. He ; Inst. of Power Syst., Brunel Univ., Uxbridge, UK ; Y. H. Song

The question of how to produce optimal offers from the point of view of generation companies (GENCOs) is considered. The proposed offers produced by each GENCO take into account cost-recovery, physical constraints, and market price fluctuation resulting from other rivals' bidding strategies. An OPF-based market price simulator is employed to produce locational marginal prices (LMPs) and schedules in each generation node, with the corresponding probabilities reflecting the rival competitors' bidding strategies. As the best response to the LMPs and schedules in its own generation node, the GENCO produces incremental step-cased price/output bidding curves with the corresponding probabilities by the tool of market-oriented unit commitment model. These offers are called integrated offers due to the full consideration of the GENCO's cost-recovery and its own physical constraints such as ramping rates and uptime/downtime. Applying the theory of multiple criteria decision-making (MCDM), the offer with the best compromise among its payoff, market share and probability is selected as the final bidding results of the GENCO.

Published in:

IEE Proceedings - Generation, Transmission and Distribution  (Volume:149 ,  Issue: 6 )