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Genco's Bidding Strategy in Day-Ahead Energy Market Considering Demand Response

Kazemi, Mostafa | 2012

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  1. Type of Document: M.Sc. Thesis
  2. Language: Farsi
  3. Document No: 43404 (05)
  4. University: Sharif University of Technology
  5. Department: Electrical Engineering
  6. Advisor(s): Ehsan, Mehdi
  7. Abstract:
  8. Since 1980s the electricity market has been gradually evolving from a monopoly market into a liberalized one for encouraging competition and improving efficiency. This brings the opportunity for generation companies (Gencos) to make more profits while embracing more risks of not being dispatched. Therefore, it has become a core interest for the Gencos to develop optimal bidding strategies to maximize the profits and minimize the risks while participating in such a competitive market. Error of determining day-ahead electricity price is one of the sources of the risk. Energy price has a high impact on bidding strategy optimization process. So it should be determined with low error which is not possible yet. In this way the methods of considering the risk of this error should be used in optimal bidding strategy. Also Gencos which have retailer should program contracts in both Pool market and retail market synchronously. Retail market containing demand response program could face this programming with more complexity and stochasticity. Because the amount of demand that response to these programs isn't clear for Genco's. So, optimal bidding strategy should consider two uncertainties. The first one is day-ahead electricity price and the second one is the amount of demand that reduced in demand response programs. In this thesis the above uncertainties modeled with information gap decision theory (IGDT) for optimal bidding strategy of Gencos considering constraints of generation. At the end, the piecewise non-decreasing bidding curve coustructed using the uncertainty's bands, comes from IGDT.
  9. Keywords:
  10. Uncertainty ; Bidding Strategy ; Demand Response ; Energy Market

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