DocumentCode :
1704315
Title :
MCP forecasting and risk considered Genco´s bidding strategies in electricity market
Author :
Zhang, Haifeng ; Kang, Zhixi ; Wu, Jiang ; Gao, Feng
Author_Institution :
State Key Lab. for Manuf. Syst. Eng., Xi´´an Jiaotong Univ., Xi´´an, China
fYear :
2010
Firstpage :
3266
Lastpage :
3270
Abstract :
As one of the most important parts in power system, electricity price forecasting has been a crucial factor for the generation companies´ (Genco) bidding strategies, through which Gencos can maximize their potential benefits. However, high income is always coupled with high risk, as electricity volatility, demand uncertainty, and bidding strategies of rivals. In this paper, a bidding strategy based on Market Clearing Price (MCP) forecasting and risk management theory is presented. A Genco´s bidding behavior is modeled as a risky decision making process in which Genco aims to the higher profit with lower risk, and the bidding strategy for the Genco can be obtained by solving a risk-utility function. At the end of the paper, numerical testing results show that this method is effective.
Keywords :
forecasting theory; power markets; risk management; Genco bidding behavior; Genco bidding strategies; MCP forecasting; demand uncertainty; electricity market; electricity price forecasting; electricity volatility; market clearing price forecasting; power system; risk management theory; risk-utility function; risky decision making process; Automation; Electricity; Electricity supply industry; Forecasting; Genetic programming; ISO; Power systems; bidding strategies; electricity market; genetic programming; risk;
fLanguage :
English
Publisher :
ieee
Conference_Titel :
Intelligent Control and Automation (WCICA), 2010 8th World Congress on
Conference_Location :
Jinan
Print_ISBN :
978-1-4244-6712-9
Type :
conf
DOI :
10.1109/WCICA.2010.5555078
Filename :
5555078
Link To Document :
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