Detailed modelling of thermal units from a price-taker´s perspective

Generation Companies (GenCos) acting as price-takers, schedule their plants according to market price forecasts. As these GenCos do not consider active market price setting as a strategy to increase profits, their performance solely relies on (1) price forecast accuracy and (2) the representation of a plant´s operational characteristics. This paper strives at constituting a reference work for thermal plant modelling from a price-taker´s perspective. Two main contributions can be distinguished. Firstly it summarizes relevant contributions from literature and merges them into one single, complete formal mixed integer linear problem (MILP) model design. Secondly it adds new features to advance the state-of-the-art and to enhance the applicability of the model in practice. The document is finalised by assessing the model performance by applying it to an exemplary case study.