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Price-taker bidding strategy under price uncertainty
- Source :
- IEEE Transactions on Power Systems. Nov, 2002, Vol. 17 Issue 4, p1081, 8 p.
- Publication Year :
- 2002
-
Abstract
- This paper provides a framework to obtain the optimal bidding strategy of a price-taker producer. An appropriate forecasting tool is used to estimate the probability density functions of next-day hourly market-clearing prices. This probabilistic information is used to formulate a self-scheduling profit maximization problem that is solved taking advantage of its particular structure. The solution of this problem allows deriving a simple yet informed bidding rule. Results from a realistic case study are discussed in detail. Index Terms--Bidding strategy, forecasting, MILP, pool-based electricity market, price-taker producer, self-scheduling.
Details
- ISSN :
- 08858950
- Volume :
- 17
- Issue :
- 4
- Database :
- Gale General OneFile
- Journal :
- IEEE Transactions on Power Systems
- Publication Type :
- Academic Journal
- Accession number :
- edsgcl.96238408