Two-part compound bidding mode of wind power considering demand-side interaction

The world has witnessed a rapid growth of wind power these years in the global trend of low-carbon economy. Wind power participating in market competition would be beneficial to the development of wind power industry. Considering the characteristics of power production and demand-side interaction, two-part compound bidding mode is proposed with combination of the superiorities of hourly and block bidding modes. Benefits that two-part compound bidding mode brings to the market participants are analyzed. Mathematical model and market clearing process are introduced. Numerical examples prove that two-part compound bidding mode could flatten load fluctuation, promote supply-demand interaction, and elevate social benefit. Two-part compound bidding mode could also enhance wind power market competitiveness, improve system capability of wind power absorption, and relief pressure of subsidies on wind power by the government.