Strategic bidding in electricity spot markets under uncertainty: a roadmap

The liberalization of the power industry and the creation of electricity spot markets throughout the world has triggered a significant research effort both by academic and practitioners. A part of this effort has been oriented to the development of methodologies and tools devoted to the optimization of bidding strategies for electricity spot markets. Uncertainty with respect to the behavior of the rest of participants is a major ingredient of this problem. After several years a vast literature has been produced on this particular topic. The purpose of this paper is to contribute to the definition of a general body of knowledge by characterizing the most relevant features of some of the lines of research that have been followed