Journal
IEEE TRANSACTIONS ON POWER SYSTEMS
Volume 22, Issue 4, Pages 1804-1818Publisher
IEEE-INST ELECTRICAL ELECTRONICS ENGINEERS INC
DOI: 10.1109/TPWRS.2007.907536
Keywords
bidding strategies; electricity market; offering strategies
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This paper addresses the problem of the development of optimal offering strategies by electricity producers in day-ahead energy auctions with step-wise energy offer format. The producer energy offer optimization is formulated as a bi-level optimization problem, which is converted to a mathematical program with equilibrium constraints (MPEC). The producer MPEC is subsequently converted to a mixed integer linear program (MILP) using binary expansion of offer quantities and prices. The uncertainties under which the producer must develop his offering strategy are modeled. Test results on a small, ten-unit test system address the effect of the auction settlement rules (uniform or discriminatory pricing) as well as the producer's forward commitments on the producer strategic behavior in the day-ahead energy market.
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