Title :
Influence of operational risk assessment on bidding strategies in power markets
Author :
Ray, Dennis ; Cashman, Eileen
Author_Institution :
Sch. of Bus., Wisconsin Univ., Madison, WI, USA
Abstract :
Advanced analytical tools are enabling the estimation of new measures of operational reliability in power systems. In bid-based power markets, these estimates could be included in the information set that is provided to bidders. Such information could lead to improved market efficiency due to more informed decision-making, or to opportunistic bidding strategies that adversely affect economic efficiency. The paper explores the relationship between risk assessment and bidding strategies. Implications of that relationship for market information policies are assessed. Of particular focus is information on operational reliability effects of incremental changes in generation levels
Keywords :
decision support systems; economics; electricity supply industry; power engineering computing; power system reliability; risk management; analytical tools; bid-based power markets; bidding strategies; incremental generation level changes; informed decision making; market efficiency; market information policies; operational reliability; operational risk assessment; opportunistic bidding strategies; power markets; Decision making; Power generation; Power generation economics; Power markets; Power system economics; Power system measurements; Power system reliability; Risk analysis; Risk management; Scheduling;
Conference_Titel :
System Sciences, 1998., Proceedings of the Thirty-First Hawaii International Conference on
Conference_Location :
Kohala Coast, HI
Print_ISBN :
0-8186-8255-8
DOI :
10.1109/HICSS.1998.656011
