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- Title
Price restricted optimal bidding model using derated sensitivity factors by considering risk concept.
- Authors
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.
- Publication
IET Generation, Transmission & Distribution (Wiley-Blackwell), 2016, Vol 10, Issue 3, p310
- ISSN
1751-8687
- Publication type
Article
- DOI
10.1049/iet-gtd.2015.0014