Designing an Optimal Linear Bid Function in a Pay-as-Bid Electricity Market
Publish place: International Journal of Industrial Electronics, Control and Optimization، Vol: 1، Issue: 2
Publish Year: 1397
نوع سند: مقاله ژورنالی
زبان: English
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شناسه ملی سند علمی:
JR_IECO-1-2_006
تاریخ نمایه سازی: 20 تیر 1401
Abstract:
In this paper, the bidding problem in electricity markets is formulated from the viewpoint of a generation company. With focus on Iran's electricity market structure, the objective is to design an optimal linear bid function considering pay-as-bid pricing mechanism. The market clearing price is considered as a stochastic variable. The bidding problem is formulated as a nonlinear optimization problem from the viewpoint of a price-taker generation company. Then a numerical study is performed to show the effect of stochastic characteristics of market price on the optimal values of bidding parameters. In order to have more expected profit, a mathematical problem is designed and solved to partition the generation capacity. The main aim of this paper is presentation of a classic method to find the optimal bid function while from the viewpoint of a price-taker generation company in a pay-as-bid electricity market. An example is designed to calculate a linear bid function using the proposed technique. Also a comparison between step-wise and linear bidding is presented.
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Authors
Javid Khorasani
Department of Electrical engineering, Khorasan Institute of Higher Education, Mashhad, Iran
Ehsan Monabbati
Department of Mathematical Sciences, Alzahra University, Tehran, Iran
Habib Rajabi Mashhadi
Department of Electrical Engineering, Ferdowsi University of Mashhad, Mashhad, Iran