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Conference Paper: Optimal Bidding Strategies for Generation Companies in Electricity Markets with Transmission Capacity Constraints Taken into Account

TitleOptimal Bidding Strategies for Generation Companies in Electricity Markets with Transmission Capacity Constraints Taken into Account
Authors
KeywordsBidding strategy
Congestion management
Electricity market
Genetic algorithm
Market power
Monte Carlo simulation
Issue Date2003
PublisherIEEE.
Citation
IEEE Power Engineering Society General Meeting, Toronto, Ontario, Canada, 13-17 July 2003, v. 4, p. 2610 How to Cite?
AbstractIn 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 Identifierhttp://hdl.handle.net/10722/46412
References

 

DC FieldValueLanguage
dc.contributor.authorMa, Len_HK
dc.contributor.authorWen, Fen_HK
dc.contributor.authorNi, Yen_HK
dc.contributor.authorWu, FFen_HK
dc.date.accessioned2007-10-30T06:49:19Z-
dc.date.available2007-10-30T06:49:19Z-
dc.date.issued2003en_HK
dc.identifier.citationIEEE Power Engineering Society General Meeting, Toronto, Ontario, Canada, 13-17 July 2003, v. 4, p. 2610en_HK
dc.identifier.urihttp://hdl.handle.net/10722/46412-
dc.description.abstractIn 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.extent493306 bytes-
dc.format.extent12538 bytes-
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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.relation.ispartof2003 IEEE Power Engineering Society General Meeting, Conference Proceedingsen_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
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.en_HK
dc.subjectBidding strategyen_HK
dc.subjectCongestion managementen_HK
dc.subjectElectricity marketen_HK
dc.subjectGenetic algorithmen_HK
dc.subjectMarket poweren_HK
dc.subjectMonte Carlo simulationen_HK
dc.titleOptimal Bidding Strategies for Generation Companies in Electricity Markets with Transmission Capacity Constraints Taken into Accounten_HK
dc.typeConference_Paperen_HK
dc.identifier.emailNi, Y: yxni@eee.hku.hken_HK
dc.identifier.emailWu, FF: ffwu@eee.hku.hken_HK
dc.identifier.authorityNi, Y=rp00161en_HK
dc.identifier.authorityWu, FF=rp00194en_HK
dc.description.naturepublished_or_final_versionen_HK
dc.identifier.doi10.1109/PES.2003.1271056en_HK
dc.identifier.scopuseid_2-s2.0-1542359032en_HK
dc.identifier.hkuros89853-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-1542359032&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume4en_HK
dc.identifier.spage2605en_HK
dc.identifier.epage2610en_HK
dc.identifier.scopusauthoridMa, L=36072648200en_HK
dc.identifier.scopusauthoridWen, F=7102815249en_HK
dc.identifier.scopusauthoridNi, Y=7402910021en_HK
dc.identifier.scopusauthoridWu, FF=7403465107en_HK

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