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IGDT based risk-constrained strategic bidding of GenCos considering bilateral contracts
Kazemi, M ; Sharif University of Technology | 2013
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- Type of Document: Article
- DOI: 10.1109/IranianCEE.2013.6599677
- Publisher: 2013
- Abstract:
- A new risk-constrained bidding curve construction method is presented in this paper. A Day-ahead energy market has been chosen for competition of GenCos and the Information Gap Decision Theory (IGDT) is used for modelling the Day-ahead market price uncertainty and its corresponding risk. The bilateral contracts of the GenCo are also considered in the proposed framework. A Bi-level optimization problem is incorporated in the proposed method to guarantee a pre-specified level of revenue. The proposed IGDT based method constructs the non-decreasing bidding curve while dispatching units based on the uncertain forecasted prices of the next-day market. The verification of the proposed method is demonstrated by simulation of a GenCo with 5 thermal units in various day-ahead markets
- Keywords:
- Bi-level optimization ; Bilateral contracts ; Construction method ; Day ahead market ; Day-ahead energy markets ; Information gap ; Strategic bidding ; Thermal units ; Commerce ; Electrical engineering ; Uncertainty analysis ; Risk assessment
- Source: 2013 21st Iranian Conference on Electrical Engineering, ICEE 2013 ; 2013 ; 9781467356343 (ISBN)
- URL: http://ieeexplore.ieee.org/xpl/articleDetails.jsp?arnumber=6599677