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Article: Development of optimal bidding strategies for generation companies with risk management

TitleDevelopment of optimal bidding strategies for generation companies with risk management
Authors
KeywordsBidding strategy
Electricity bidding
Electricity market
Risk analysis
Sealed auction
Issue Date2003
Citation
Dianli Xitong Zidonghua/Automation Of Electric Power Systems, 2003, v. 27 n. 20, p. 16-20 How to Cite?
AbstractIn the competitive electricity market environment, generation dispatching is bid-based and hence generation companies are required to compete with rivals for supplying power by bidding to the market. For generation companies competition implies opportunities for obtaining more profit as well as undertaking risks such as not being dispatched. As a result, it has become a major concern for generation companies of how to build optimal bidding strategies to maximize profits and at the same time to minimize risks incurred. In this work, a new framework is developed for building optimal bidding strategies with risks taken into account for competitive generation companies participating in a pool based single-buyer type electricity market. It is assumed that each generation company bids a linear supply function and that the system is dispatched to minimize the total purchasing cost of the single-buyer. Each generation company chooses the coefficients in the linear supply function for making tradeoff between two conflicting objectives: profit maximization and risk minimization. A stochastic optimization model for describing and two methods for solving this problem are presented, and a numerical example is employed for demonstrating the essential features of the developed model and methods.
Persistent Identifierhttp://hdl.handle.net/10722/73607
ISSN
2015 SCImago Journal Rankings: 0.772
References

 

DC FieldValueLanguage
dc.contributor.authorMa, Xen_HK
dc.contributor.authorWen, Fen_HK
dc.contributor.authorNi, Yen_HK
dc.contributor.authorLiu, Jen_HK
dc.contributor.authorWu, Fen_HK
dc.date.accessioned2010-09-06T06:53:01Z-
dc.date.available2010-09-06T06:53:01Z-
dc.date.issued2003en_HK
dc.identifier.citationDianli Xitong Zidonghua/Automation Of Electric Power Systems, 2003, v. 27 n. 20, p. 16-20en_HK
dc.identifier.issn1000-1026en_HK
dc.identifier.urihttp://hdl.handle.net/10722/73607-
dc.description.abstractIn the competitive electricity market environment, generation dispatching is bid-based and hence generation companies are required to compete with rivals for supplying power by bidding to the market. For generation companies competition implies opportunities for obtaining more profit as well as undertaking risks such as not being dispatched. As a result, it has become a major concern for generation companies of how to build optimal bidding strategies to maximize profits and at the same time to minimize risks incurred. In this work, a new framework is developed for building optimal bidding strategies with risks taken into account for competitive generation companies participating in a pool based single-buyer type electricity market. It is assumed that each generation company bids a linear supply function and that the system is dispatched to minimize the total purchasing cost of the single-buyer. Each generation company chooses the coefficients in the linear supply function for making tradeoff between two conflicting objectives: profit maximization and risk minimization. A stochastic optimization model for describing and two methods for solving this problem are presented, and a numerical example is employed for demonstrating the essential features of the developed model and methods.en_HK
dc.languageengen_HK
dc.relation.ispartofDianli Xitong Zidonghua/Automation of Electric Power Systemsen_HK
dc.subjectBidding strategyen_HK
dc.subjectElectricity biddingen_HK
dc.subjectElectricity marketen_HK
dc.subjectRisk analysisen_HK
dc.subjectSealed auctionen_HK
dc.titleDevelopment of optimal bidding strategies for generation companies with risk managementen_HK
dc.typeArticleen_HK
dc.identifier.emailNi, Y: yxni@eee.hku.hken_HK
dc.identifier.emailWu, F: ffwu@eee.hku.hken_HK
dc.identifier.authorityNi, Y=rp00161en_HK
dc.identifier.authorityWu, F=rp00194en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.scopuseid_2-s2.0-0442310864en_HK
dc.identifier.hkuros89834en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0442310864&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume27en_HK
dc.identifier.issue20en_HK
dc.identifier.spage16en_HK
dc.identifier.epage20en_HK
dc.publisher.placeChinaen_HK
dc.identifier.scopusauthoridMa, X=7404549156en_HK
dc.identifier.scopusauthoridWen, F=7102815249en_HK
dc.identifier.scopusauthoridNi, Y=7402910021en_HK
dc.identifier.scopusauthoridLiu, J=8345637700en_HK
dc.identifier.scopusauthoridWu, F=7403465107en_HK

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