DocumentCode :
2285483
Title :
Optimal Bidding Strategies for Load Server Entities in Electric Power Markets
Author :
Ghanavati, Goodarz ; Esmaeili, Saeid
Author_Institution :
Power generation Dept., Monenco Iran Consulting Eng., Tehran
fYear :
2008
fDate :
20-22 Dec. 2008
Firstpage :
173
Lastpage :
177
Abstract :
In this paper, a method for developing optimal bidding strategies for load server entities (LSE) is presented. The market structure consists of a day-ahead market and a real time market. The LSE´s objective is to minimize the total cost of purchasing power from two markets. Given the expected demand and the two market price forecasts, the quantity which should be purchased in each market and demand bid curve are derived. The problem is formulated as a stochastic optimization problem because demand of load server entities and prices of electricity markets are uncertain. The problem is solved by Monte-carlo simulation, and a numerical simulation is performed using California power market data.
Keywords :
Monte Carlo methods; power markets; pricing; stochastic programming; California power market data; Monte-carlo simulation; day-ahead market; demand bid curve; electric power markets; load server entities; market price; optimal bidding strategies; power purchasing; real time market; stochastic optimization problem; Costs; Economic forecasting; Electricity supply industry; Game theory; Piecewise linear techniques; Power engineering computing; Power generation; Power markets; Probability distribution; Stochastic processes;
fLanguage :
English
Publisher :
ieee
Conference_Titel :
Computer and Electrical Engineering, 2008. ICCEE 2008. International Conference on
Conference_Location :
Phuket
Print_ISBN :
978-0-7695-3504-3
Type :
conf
DOI :
10.1109/ICCEE.2008.152
Filename :
4740970
Link To Document :
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