Title :
A new optimal bidding strategy in power market
Author :
Tang, Jing ; Lin, Jianxin ; Ding, Qiaolin ; Zheng, Yan
Author_Institution :
Dept. of Electr. Eng., North China Electr. Power Univ., Baoding
Abstract :
Nowadays, power generation companies are eager to build their appropriate bidding strategies for maximizing their profit in the new deregulating power market. In this paper, an optimization process is used to find the optimal production for forecasted price and several boundary prices which are defined based on different confidence level of price probability distribution. A given participant would select the most interesting prices related to its attitude depend on its degree of risk aversion to construct the bidding strategy. The main contribution of this work is a methodology to find a bidding strategy. The new optimal bidding strategy composed of curves with optimal offer blocks where only information related to forecasted demand and market-cleaning prices is required shows its superiority to others
Keywords :
economic forecasting; optimisation; power generation economics; power markets; pricing; risk analysis; statistical distributions; confidence level; forecasted demand; market-cleaning prices; optimal bidding strategy; optimization; power generation companies; power market; price probability distribution; risk aversion; Costs; Demand forecasting; Economic forecasting; Environmental economics; Power generation economics; Power markets; Predictive models; Probability distribution; Random variables; State estimation; bidding strategy; confidence level; forecasted price; probability distribution; risk aversion; variable cost;
Conference_Titel :
Transmission and Distribution Conference and Exhibition: Asia and Pacific, 2005 IEEE/PES
Conference_Location :
Dalian
Print_ISBN :
0-7803-9114-4
DOI :
10.1109/TDC.2005.1547066
