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Mixed integer bilevel programming for optimal bidding strategies in day-ahead electricity markets with indivisibilities
| Content Provider | Semantic Scholar |
|---|---|
| Author | Kozanidis, George Kostarelou, Eftychia Andrianesis, Panagiotis Liberopoulos, George |
| Copyright Year | 2011 |
| Abstract | We address the problem of developing optimal bidding strategies for an energy producer that participates in a day-ahead electricity market. The producer is assumed to have complete knowledge of the market’s parameters, i.e., the demand for energy and the bids/costs of the other producers. The problem is formulated as a mixed integer bilevel optimization model, with the individual producer maximizing his profit at the upper level objective function. At the lower level, an independent system operator clears the market and determines the energy dispatch of each participating producer that satisfies the demand for energy at the minimum total system bid-cost. Discrete variables that are used to represent the commitment of the production units prohibit the application of traditional methodologies for the solution of the problem, such as the substitution of the lower level problem by its first order optimality conditions. We present an exact algorithm based on mixed integer parametric programming for obtaining the optimal solution of the problem, and we illustrate its application on a small case study. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | http://www.mie.uth.gr/files/optimal_bidding_Kozanidis_Kostarelou_Andrianesis_Liberopoulos.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
