Bidding strategies analysis for hydro-thermal power suppliers under different power demand

This paper analyzes different bidding strategies of hydro-thermal suppliers, taking into account the changes of power demand and the unit´s limits. In order to gain maximal profit, hydropower suppliers (except for cascade hydropower stations) are equivalent to thermo-power suppliers in this paper. And Nash equilibrium equations are proposed when different bidding parameters are selected to maximize the profits of suppliers. Demand elasticity is also introduced to give descriptions of different power demands. Examples show that all suppliers will adopt high-priced strategy when power demand is high; reversely, when power demand is low, all suppliers will adopt low-priced strategy.