NDLI: Price restricted optimal bidding model using derated sensitivity factors by considering risk concept

Content Provider	IET Digital Library
Author	Ahmadian, Saeed Vahidi, Behrooz Jahanipour, Jahandar Hoseinian, Seyed Hossein Rastegar, Hasan
Abstract	In this study, a new model for participating in market is presented in which each generation company (GENCO), considering nodal price limitation, defines a risk index. Using a linear combination, it determines its proposed bid based on energy prices of other buses. Since each participant in power market needs reference points to decide, concept of sensitivity factors is introduced initially. Consequently, using these factors, potential points are obtained. To model price uncertainty, risk concept is cooperated into sensitivity factors. After that, using regulation factors, new derated sensitivity factors (DSFs) are defined. Applying these factors, each player’s model in the market is divided into two parts. In the first part, modelling its rival’s behaviour, a player proposes its bid in such a way that obtained nodal price becomes equal to estimated nodal price. In the second part, computing DSFs and using potential bus prices, linear combination of regulation factors are utilized to modify GENCO’s offer. Player’s profit function would be average of both parts. GAMS software is executed to solve this problem. Different scenarios are considered to cover nodal electricity and fuel price uncertainties. A 30-bus system with six GENCOs is used to verify the proposed model.
Starting Page	310
Ending Page	324
Page Count	15
ISSN	17518687
Volume Number	10
e-ISSN	17518695
Issue Number	Issue 2, Feb (2016)
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/iet-gtd/10/2
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/10.1049/iet-gtd.2015.0014
Journal	IET Generation, Transmission & Distribution
Publisher Date	2016-02-04
Access Restriction	Open
Rights Holder	© The Institution of Engineering and Technology
Subject Keyword	30-bus System Administration And Management Bus Prices Decision Making Derated Sensitivity Factors Energy Prices Fuel Price Uncertainties GAMS Software GENCO Linear Combination Market Environment Network Constrains Nodal Electricity Nodal Price Optimisation Optimisation Problem Optimisation Technique Power Market Power System Economics Power System Managemen Power System Operation Price Restricted Optimal Bidding Price Uncertainty Pricing Reference Point Regulation Factors Risk Concept Rival Behaviour Tendering
Content Type	Text
Resource Type	Article
Subject	Control and Systems Engineering Energy Engineering and Power Technology Electrical and Electronic Engineering

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
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
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
6	Contents and Copyright Issues	Queries related to content curation and copyright issues	content@ndl.gov.in
7	National Digital Library of India Club (NDLI Club)	Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach	clubsupport@ndl.gov.in
8	Digital Preservation Centre (DPC)	Assistance with digitizing and archiving copyright-free printed books	dpc@ndl.gov.in
9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in

Bi-level optimal bidding strategy of an aggregator in competition with rival aggregators

Robust bidding strategies and scheduling of a price-maker microgrid aggregator participating in a pool-based electricity market

Optimal bidding strategy of electricity retailers using robust optimisation approach considering time-of-use rate demand response programs under market price uncertainties

Impact of electricity price forecasting errors on bidding: a price-taker's perspective

Optimal hierarchical energy management scheme for networked microgrids considering uncertainties, demand response, and adjustable power

Bidding method for wind generation company in nodal power market

Equilibrium state of a price-maker energy hub in a competitive market with price uncertainties

Advanced bidding strategy for participation of energy storage systems in joint energy and flexible ramping product market

Optimal energy management of compressed air energy storage in day-ahead and real-time energy markets

Price restricted optimal bidding model using derated sensitivity factors by considering risk concept

Similar Documents

Bi-level optimal bidding strategy of an aggregator in competition with rival aggregators

Robust bidding strategies and scheduling of a price-maker microgrid aggregator participating in a pool-based electricity market

Optimal bidding strategy of electricity retailers using robust optimisation approach considering time-of-use rate demand response programs under market price uncertainties

Impact of electricity price forecasting errors on bidding: a price-taker's perspective

Optimal hierarchical energy management scheme for networked microgrids considering uncertainties, demand response, and adjustable power

Bidding method for wind generation company in nodal power market

Equilibrium state of a price-maker energy hub in a competitive market with price uncertainties

Advanced bidding strategy for participation of energy storage systems in joint energy and flexible ramping product market

Optimal energy management of compressed air energy storage in day-ahead and real-time energy markets

Price restricted optimal bidding model using derated sensitivity factors by considering risk concept