NDLI: Economic risk-based bidding strategy for profit maximisation of wind-integrated day-ahead and real-time double-auctioned competitive power markets

Content Provider	IET Digital Library
Author	Panda, Rajesh Tiwari, Prashant Kumar
Abstract	This study proposes a unique method of bidding strategy which is based on bi-level optimisation model for analysing the profits of the generation companies (GENCOs) and distribution companies in the day-ahead and real-time competitive power markets. The bi-level optimisation problem includes lower-level and upper-level problems. In the lower-level problem, market clearing model is presented, in which market clearing problem is solved, locational marginal price is minimised at load buses, net generation cost is also minimised with a simultaneous increase in profit with optimal placement of wind generator by assessing the conditional value-at-risk (CVaR). In the upper level, the profit is maximised by selecting the proper bidding strategy based on double-auctioned market mechanism. To check the effectiveness of the proposed strategy, Monte Carlo simulation and scenario-based approach are used to generate the scenarios considering the random line outages, generator outages and load variations. The CVaR is used as a risk assessment tool for the uncertainties that would inadvertently affect the profit of the GENCOs. The proposed approach is applied to the modified IEEE 30-bus system to show the effectiveness of the proposed model and its impact on the bidders and suppliers.
Starting Page	209
Ending Page	218
Page Count	10
ISSN	17518687
Volume Number	13
e-ISSN	17518695
Issue Number	Issue 2, Jan (2019)
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/iet-gtd/13/2
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/10.1049/iet-gtd.2018.5905
Journal	IET Generation, Transmission & Distribution
Publisher Date	2018-10-15
Access Restriction	Open
Rights Holder	© The Institution of Engineering and Technology
Subject Keyword	Bilevel Optimisation Model Bilevel Optimisation Problem Conditional Value-at-risk CVaR Distribution Companies Economic Risk-based Bidding Strategy GENCO Generation Companies Generator Outages Load Bus Load Variation Locational Marginal Price Minimisation Lower-level Problem Market Clearing Model Minimisation Modified IEEE 30-bus System Monte Carlo Method Monte Carlo Simulation Net Generation Cost Minimisation Optimal Wind Generator Placement Optimisation Technique Power Generation Economics Power Generation Reliability Power Market Power System Economics Power System Managemen Power System Operation Profit Maximisation Profitability Random Line Outages Reliability Risk Assessment Tool Risk Management Scenario-based Approach Upper-level Problem Wind Power Plant Wind-integrated Day-ahead Double-auctioned Competitive Power Market Wind-integrated Real-time Double-auctioned Competitive Power Market
Content Type	Text
Resource Type	Article
Subject	Control and Systems Engineering Energy Engineering and Power Technology Electrical and Electronic Engineering

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4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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