A Hybrid Wind-Thermal Bidding Model in a Day-ahead and Real-time market considering regulating cost in a competitive power market

The increasing demand with the decrease in carbon emissions has provided motivation to increase the renewable generation source. The reduction of market prices plays a crucial role in the deregulated power market, as renewable sources become more dependable. In this paper, the Generation Companies (GENCO) and Distribution Companies (DISCO) bid to the ISO, and the market is cleared at the market clearing price (MCP). The profits of the GENCOs and DISCOs are determined based on the regulations in the market. The paper aims to maximize profits for market participants in day-ahead and real-time markets, such as GENCOs and DISCOs. The uncertain parameters considered in this paper are contingencies analysis such as generators and lines, and random variations in the loads. The optimal placement of wind generators in the day-ahead (DA) and real-time (RT) market determines the regulated cost and maximizesn the profits of GENCOs and DISCOs. The proposed approach is validated in the IEEE 30 bus system.