Title :
Designing optimal bidding curve in electricity pay-as-bid markets
Author :
Khorasani, Javid ; Mashhadi, Habib Rajabi
Author_Institution :
Khorasan Inst. of Higher Educ., Mashhad, Iran
Abstract :
Regarding the importance of the strategic bidding problem in wholesale energy markets, a method is proposed to design the optimal piece-wise bid function from the viewpoint of a generation company. In this paper, the bidding problem is formulated, assuming the market clearing price as a stochastic variable. The method is used to calculate the optimal bidding curve. A simple example is presented to show the technique of the paper.
Keywords :
power markets; pricing; stochastic processes; electricity pay-as-bid markets; generation company; market clearing price; optimal bidding curve design; optimal piecewise bid function; stochastic variable; strategic bidding problem; wholesale energy markets; Companies; Electricity; Electricity supply industry; Games; Genetic algorithms; ISO; Optimization;
Conference_Titel :
Electrical Engineering (ICEE), 2013 21st Iranian Conference on
Conference_Location :
Mashhad
DOI :
10.1109/IranianCEE.2013.6599885
