Bidding strategy in electricity market
The bidding process in the electricity market is different from the process of common auctions. In a particular kind of market called the poolco market, the bidding process is such that buyers and sellers(power generators) submit bids of how much blocks of energy to buy or sell as well as the price they are willing to pay or receive to the online platform. After all bids have been submitted, the system operator (ISO) ranks these offers and match the offers by matching highest priced buying offers with the lowest priced selling bids.
In Strategic bidding in electricity markets using particle swarm optimization by Ahmet D. Yucekayaa, Jorge Valenzuelaa, and Gerry Dozierb, two strategies using particle swarm optimization algorithm to maximize the profit for power companies in this kind of market is discussed.
In Strategic bidding of generating units in competitive electricity market with considering their reliability by S. Soleymani, A.M. Ranjbar, A.R. Shirani, a new method to obtain the equilibrium points for reliability and price bidding strategy is discussed in the context of the scheduling problem.
In A game-theoretic model for electricity markets with tight capacity constraints by Z. Hu a, L. Yang a, Z. Wang a, D. Gan a, W. Sun b, K. Wang, a model that can forecast short-term and mid/long-term prices is discussed and the result of the model presented and compared with real world markets.
sources:
A game-theoretic model for electricity markets with tight capacity constraints
Z. Hu a, L. Yang a, Z. Wang a, D. Gan a, W. Sun b, K. Wang
http://www.sciencedirect.com/science/article/pii/S0142061507000956
Strategic bidding of generating units in competitive electricity market with considering their reliability
S. Soleymani, A.M. Ranjbar, A.R. Shirani
http://www.sciencedirect.com/science/article/pii/S0142061507000932
Strategic bidding in electricity markets using particle swarm optimization
Ahmet D. Yucekayaa, Jorge Valenzuelaa, and Gerry Dozierb
http://www.sciencedirect.com/science/article/pii/S0378779608002009