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Conference Paper: Development of bidding strategies in electricity markets using possibility theory

TitleDevelopment of bidding strategies in electricity markets using possibility theory
Authors
KeywordsBidding strategy
Fuzzy programming
Electricity market
Possibility theory
Issue Date2002
PublisherIEEE.
Citation
International Conference on Power System Technology Proceedings, Kunming, China, 13-17 October 2002, v. 1, p. 182-187 How to Cite?
AbstractIn the electricity market environment, bidding strategies employed by generation companies may have significant impacts on their own benefits, and on the operating behaviors of an electricity market as well. Hence, how to develop optimal bidding strategies for generation companies or how to analyze strategic behaviors of them and hence to figure out the potential market power abuse is now a very active research area. A possibility theory based approach is proposed in this work for building optimal bidding strategies for generation companies. Based on historical bidding data, the available (production cost) data before the power industry restructuring and experts' heuristic knowledge, the well-known fuzzy set theory is employed to represent the estimated bidding behaviors of rival generation companies, and a fuzzy programming model is developed and a solution method follows. The approach is especially suitable for those electricity markets recently launched, since sufficient historical bidding data is not available and hence probability methods cannot be employed. Finally, a sample example with six generation companies participating in an electricity market is served for demonstrating the essential features of the presented approach.
Persistent Identifierhttp://hdl.handle.net/10722/46404
ISBN

 

DC FieldValueLanguage
dc.contributor.authorYang, Len_HK
dc.contributor.authorWen, Fen_HK
dc.contributor.authorWu, FFen_HK
dc.contributor.authorNi, Yen_HK
dc.contributor.authorQiu, JJen_HK
dc.date.accessioned2007-10-30T06:49:08Z-
dc.date.available2007-10-30T06:49:08Z-
dc.date.issued2002en_HK
dc.identifier.citationInternational Conference on Power System Technology Proceedings, Kunming, China, 13-17 October 2002, v. 1, p. 182-187en_HK
dc.identifier.isbn0-7803-7459-2en_HK
dc.identifier.urihttp://hdl.handle.net/10722/46404-
dc.description.abstractIn the electricity market environment, bidding strategies employed by generation companies may have significant impacts on their own benefits, and on the operating behaviors of an electricity market as well. Hence, how to develop optimal bidding strategies for generation companies or how to analyze strategic behaviors of them and hence to figure out the potential market power abuse is now a very active research area. A possibility theory based approach is proposed in this work for building optimal bidding strategies for generation companies. Based on historical bidding data, the available (production cost) data before the power industry restructuring and experts' heuristic knowledge, the well-known fuzzy set theory is employed to represent the estimated bidding behaviors of rival generation companies, and a fuzzy programming model is developed and a solution method follows. The approach is especially suitable for those electricity markets recently launched, since sufficient historical bidding data is not available and hence probability methods cannot be employed. Finally, a sample example with six generation companies participating in an electricity market is served for demonstrating the essential features of the presented approach.en_HK
dc.format.extent616136 bytes-
dc.format.extent12538 bytes-
dc.format.extent3005 bytes-
dc.format.extent11910 bytes-
dc.format.mimetypeapplication/pdf-
dc.format.mimetypetext/plain-
dc.format.mimetypetext/plain-
dc.format.mimetypetext/plain-
dc.languageengen_HK
dc.publisherIEEE.en_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rights©2002 IEEE. Personal use of this material is permitted. However, permission to reprint/republish this material for advertising or promotional purposes or for creating new collective works for resale or redistribution to servers or lists, or to reuse any copyrighted component of this work in other works must be obtained from the IEEE.en_HK
dc.subjectBidding strategyen_HK
dc.subjectFuzzy programmingen_HK
dc.subjectElectricity marketen_HK
dc.subjectPossibility theoryen_HK
dc.titleDevelopment of bidding strategies in electricity markets using possibility theoryen_HK
dc.typeConference_Paperen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0-7803-7459-2&volume=1&spage=182&epage=187&date=2002&atitle=Development+of+bidding+strategies+in+electricity+markets+using+possibility+theoryen_HK
dc.description.naturepublished_or_final_versionen_HK
dc.identifier.doi10.1109/ICPST.2002.1053529en_HK
dc.identifier.hkuros83293-

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