Title :
Generation decision for either cost callback or profit maximization in power market
Author :
Liu, J.C. ; Liu, J.Y.
Author_Institution :
Dept. of Electr. Eng., Sichuan Univ., China
Abstract :
The foundation of a power market offers not only great opportunities to power plants, but also considerable risks and challenges. The generation decision of a power plant is dependent on not only its facing market situation, which is divided into "approximately full-competition" and "monopolizing", but also its special property called "risk-hating" or "profit-seeking" when making a deal. This paper studies the bidding strategy of different dealers in different situations and their internal relationship. Numerical examples are also presented.
Keywords :
decision making; power generation economics; power markets; power stations; risk management; approximately full-competition; bidding strategy; cost callback; facing market situation; generation decision; monopolizing; power market; power plant; profit maximization; profit-seeking; risk-hating; Coherence; Costs; Economic forecasting; Electronic mail; Game theory; Power generation; Power generation economics; Power markets; Production; Risk management;
Conference_Titel :
Power System Technology, 2002. Proceedings. PowerCon 2002. International Conference on
Print_ISBN :
0-7803-7459-2
DOI :
10.1109/ICPST.2002.1067842
