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Optimal response of an oligopolistic generating company to a competitive pool-based electric power market | IEEE Journals & Magazine | IEEE Xplore

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


Abstract:

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 ...Show More

Abstract:

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.
Published in: IEEE Transactions on Power Systems ( Volume: 17, Issue: 2, May 2002)
Page(s): 424 - 430
Date of Publication: 07 August 2002

ISSN Information:


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