Journal
IEEE TRANSACTIONS ON SMART GRID
Volume 10, Issue 5, Pages 5152-5162Publisher
IEEE-INST ELECTRICAL ELECTRONICS ENGINEERS INC
DOI: 10.1109/TSG.2018.2878024
Keywords
Bidding strategy; transactive market; electricity market; local market; risk analysis
Categories
Funding
- Iran National Science Foundation
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Expanding the electricity market into the retail domain calls for inexpensive mass-produced smart devices that enable enable small customers to customers to participate in local energy transactions by managing the energy production/consumption and submitting buy/sell bids to the market. In this context, this paper presents a mathematically proven practical approach for bidding of an autonomous smart transactive agent in local energy markets. To reach this goal, behaviors of both risk-neutral and risk-averse agents selling energy to the market are modeled taking into account expected profit and risk criteria. Subsequently, an optimal multi-step quantity-price bidding strategies of risk-neutral and risk-averse agents are extracted. In this context, this paper: 1) introduces the effective metrics and criteria for evaluating a bidding strategy; 2) provides all theorems and lemmas required for reaching an optimal bidding strategy for either a risk-neutral or risk-averse agent; and 3) evaluates and presents the developed approach for different market environments. The developed methodology is shown to be effective in practical applications especially for local markets.
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