Study on Bidding Schemes and Decision-Making Method for Power Plant in Day-Ahead Power Market

Author

Yuan, Zhongxiong ; Gu, Danzhen

Author_Institution

Comput. & Inf. Eng. Inst., Shanghai Univ. of Electr. Power, Shanghai, China

Volume

4

fYear

2009

fDate

7-8 Nov. 2009

Firstpage

545

Lastpage

549

Abstract

This paper presents a novel method to help the bidder to make a reasonable bidding strategy. Three bidding schemes are discussed in this paper, that is, cost analytical method, time series analysis method and grey prediction method. The decision method based on multi-attribute decision-making principle is presented to choose a best bidding strategy from optional three schemes. This method is used in a certain power plant of East-China electricity market and case study verified its effectiveness.

Keywords

commerce; costing; decision making; power generation economics; power markets; prediction theory; time series; East-China electricity market; bidding schemes; cost analytical method; grey prediction method; multi-attribute decision-making method; power market; power plant; time series analysis method; Costs; Decision making; Economic forecasting; Electricity supply industry; Fluctuations; Neural networks; Power engineering and energy; Power generation; Power markets; Time series analysis; electricity market; market clearing price(MCP); multi-attribute decision-making principle;

fLanguage

English

Publisher

ieee

Conference_Titel

Artificial Intelligence and Computational Intelligence, 2009. AICI '09. International Conference on

Conference_Location

Shanghai

Print_ISBN

978-1-4244-3835-8

Electronic_ISBN

978-0-7695-3816-7

Type

conf

DOI

10.1109/AICI.2009.473

Filename

5376246