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Conference Paper: Optimal Bidding Strategies for Generation Companies in Electricity Markets with Transmission Capacity Constraints Taken into Account
Title | Optimal Bidding Strategies for Generation Companies in Electricity Markets with Transmission Capacity Constraints Taken into Account |
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Authors | |
Keywords | Bidding strategy Congestion management Electricity market Genetic algorithm Market power Monte Carlo simulation |
Issue Date | 2003 |
Publisher | IEEE. |
Citation | IEEE Power Engineering Society General Meeting, Toronto, Ontario, Canada, 13-17 July 2003, v. 4, p. 2610 How to Cite? |
Abstract | In the electricity market environment, how to build optimal bidding strategies has become a major concern for generation companies. The deficiency of transmission capacity could lead to congestion, and as a result, the whole electricity market can then be actually divided into two or more submarkets. A direct consequence of transmission congestion is the change of competitive positions of generation companies concerned in the electricity market, and the optimal bidding strategies of them should accordingly be changed. In this paper, the problem of developing optimal bidding strategies for generation companies is systematically investigated with transmission capacity constraints taken into account. A stochastic optimization model is first formulated under the presumption that the bidding behaviors of rival generation companies could be modeled as normal probability distributions. An approach is next presented for solving the optimization problem using the well-known Monte Carlo simulation method and the genetic algorithm. Finally, a simple sample example and the modified IEEE 14-bus system are employed to illustrate the essential features of the proposed model and method. |
Persistent Identifier | http://hdl.handle.net/10722/46412 |
References |
DC Field | Value | Language |
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dc.contributor.author | Ma, L | en_HK |
dc.contributor.author | Wen, F | en_HK |
dc.contributor.author | Ni, Y | en_HK |
dc.contributor.author | Wu, FF | en_HK |
dc.date.accessioned | 2007-10-30T06:49:19Z | - |
dc.date.available | 2007-10-30T06:49:19Z | - |
dc.date.issued | 2003 | en_HK |
dc.identifier.citation | IEEE Power Engineering Society General Meeting, Toronto, Ontario, Canada, 13-17 July 2003, v. 4, p. 2610 | en_HK |
dc.identifier.uri | http://hdl.handle.net/10722/46412 | - |
dc.description.abstract | In the electricity market environment, how to build optimal bidding strategies has become a major concern for generation companies. The deficiency of transmission capacity could lead to congestion, and as a result, the whole electricity market can then be actually divided into two or more submarkets. A direct consequence of transmission congestion is the change of competitive positions of generation companies concerned in the electricity market, and the optimal bidding strategies of them should accordingly be changed. In this paper, the problem of developing optimal bidding strategies for generation companies is systematically investigated with transmission capacity constraints taken into account. A stochastic optimization model is first formulated under the presumption that the bidding behaviors of rival generation companies could be modeled as normal probability distributions. An approach is next presented for solving the optimization problem using the well-known Monte Carlo simulation method and the genetic algorithm. Finally, a simple sample example and the modified IEEE 14-bus system are employed to illustrate the essential features of the proposed model and method. | en_HK |
dc.format.extent | 493306 bytes | - |
dc.format.extent | 12538 bytes | - |
dc.format.extent | 3005 bytes | - |
dc.format.extent | 11910 bytes | - |
dc.format.mimetype | application/pdf | - |
dc.format.mimetype | text/plain | - |
dc.format.mimetype | text/plain | - |
dc.format.mimetype | text/plain | - |
dc.language | eng | en_HK |
dc.publisher | IEEE. | en_HK |
dc.relation.ispartof | 2003 IEEE Power Engineering Society General Meeting, Conference Proceedings | en_HK |
dc.rights | ©2003 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. | - |
dc.subject | Bidding strategy | en_HK |
dc.subject | Congestion management | en_HK |
dc.subject | Electricity market | en_HK |
dc.subject | Genetic algorithm | en_HK |
dc.subject | Market power | en_HK |
dc.subject | Monte Carlo simulation | en_HK |
dc.title | Optimal Bidding Strategies for Generation Companies in Electricity Markets with Transmission Capacity Constraints Taken into Account | en_HK |
dc.type | Conference_Paper | en_HK |
dc.identifier.email | Ni, Y: yxni@eee.hku.hk | en_HK |
dc.identifier.email | Wu, FF: ffwu@eee.hku.hk | en_HK |
dc.identifier.authority | Ni, Y=rp00161 | en_HK |
dc.identifier.authority | Wu, FF=rp00194 | en_HK |
dc.description.nature | published_or_final_version | en_HK |
dc.identifier.doi | 10.1109/PES.2003.1271056 | en_HK |
dc.identifier.scopus | eid_2-s2.0-1542359032 | en_HK |
dc.identifier.hkuros | 89853 | - |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-1542359032&selection=ref&src=s&origin=recordpage | en_HK |
dc.identifier.volume | 4 | en_HK |
dc.identifier.spage | 2605 | en_HK |
dc.identifier.epage | 2610 | en_HK |
dc.identifier.scopusauthorid | Ma, L=36072648200 | en_HK |
dc.identifier.scopusauthorid | Wen, F=7102815249 | en_HK |
dc.identifier.scopusauthorid | Ni, Y=7402910021 | en_HK |
dc.identifier.scopusauthorid | Wu, FF=7403465107 | en_HK |