Optimization based bidding strategies in the deregulated market

  • Zhang D
  • Wang Y
  • Luh P
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Abstract

With the deregulation of electric power systems, market
participants are facing an important task of bidding energy to an
independent system operator (ISO). This paper presents a model and a
method for optimization-based bidding and self-scheduling where a
utility bids part of its energy and self-schedules the rest as in New
England. The model considers ISO bid selections and uncertain bidding
information of other market participants. With appropriately simplified
bidding and ISO models, closed-form ISO solutions are first obtained.
These solutions are then plugged into the utility's bidding and
self-scheduling model which is solved by using Lagrangian relaxation.
Testing results show that the method effectively solves the problem with
reasonable amount of CPU time

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Authors

  • Daoyuan Zhang

  • Yajun Wang

  • Peter B. Luh

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