Title :
Bidding strategies in electricity markets
Author :
Mielczarski, W. ; Michalik, G. ; Widjaja, M.
Author_Institution :
Dept. of Electr. & Comput. Syst. Eng., Monash Univ., Melbourne, Vic., Australia
Abstract :
In electricity markets organized as pools, electrical power producers provide offers (called sometimes bids) of power generation in defined price bands for every trading interval. Usually, the price offered reflects the variable cost of generation. Bidding behavior of market participants is determined by several factors. They include vesting and bilateral contracts, predicted demand, generation reserve, experience from the past and gaming attitudes. This paper analyses a typical bidding behavior of power generators in the Victorian and Australian national markets. Australia has a significant experience in designing of electricity market structures and construction of market simulators
Keywords :
electricity supply industry; power generation economics; power system interconnection; Australia; bilateral contracts; electricity market bidding strategies; gaming attitudes; generation costs; generation reserve; power generation; power pools; predicted demand; price bands; trading interval; vesting contracts; Australia; Construction industry; Contracts; Costs; Electrical products industry; Electricity supply industry; Power generation; Power generation economics; Power markets; Production;
Conference_Titel :
Power Industry Computer Applications, 1999. PICA '99. Proceedings of the 21st 1999 IEEE International Conference
Conference_Location :
Santa Clara, CA
Print_ISBN :
0-7803-5478-8
DOI :
10.1109/PICA.1999.779387
