Multi-market bidding strategy considering probabilistic real time ancillary service deployment

Jie Li, Zuyi Li

Research output: Chapter in Book/Report/Conference proceedingConference contribution

4 Scopus citations

Abstract

Generation companies (GENCOs) are seeking for maximum economical profits in both energy and ancillary service markets. This paper proposes a methodology for obtaining the optimal bidding strategy for GENCOs in multiple electricity markets. Step-wise Supply function like bid curve with strategical bidding prices is used for the day-ahead multi-market auction. Probabilistic real time deployment of ancillary services is considered. Competition among GENCOs in such multi-market is modeled as a non-cooperative complete information game. A two-layer optimization problem is modeled, with the upper layer representing the GENCO's profit maximization subproblem and the lower layer representing the ISO's (Independent System Operator) simultaneous multi-market clearing subproblem. Illustrative examples show the advantages of considering probabilistic real time ancillary services deployment and simultaneously participating multi-market for a GENCO's profit seeking purpose.

Original languageEnglish (US)
Title of host publication2016 IEEE Electrical Power and Energy Conference, EPEC 2016
PublisherInstitute of Electrical and Electronics Engineers Inc.
ISBN (Electronic)9781509019199
DOIs
StatePublished - Dec 5 2016
Externally publishedYes
Event2016 IEEE Electrical Power and Energy Conference, EPEC 2016 - Ottawa, Canada
Duration: Oct 12 2016Oct 14 2016

Publication series

Name2016 IEEE Electrical Power and Energy Conference, EPEC 2016

Conference

Conference2016 IEEE Electrical Power and Energy Conference, EPEC 2016
Country/TerritoryCanada
CityOttawa
Period10/12/1610/14/16

All Science Journal Classification (ASJC) codes

  • Energy Engineering and Power Technology
  • Renewable Energy, Sustainability and the Environment
  • Control and Optimization

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