Methods of participating power spot market bidding and settlement for renewable energy systems

The bidding strategies in electricity markets are non-conventional sources of flexibility. The market bids are usually in the form of a price and quantity quotation, and they state how much the seller or buyers are willing to buy or sell and for what price. These new developments in renewable energy systems are thoroughly discussed in this paper. This paper defines renewable energy systems and shows how they are applied in a smart grid. This fact has led the resources to a distributed load. The growing load resources have raised bidding and settlement in the power spot market. This paper presents a Distributed Adjustable Load Resources and settlement (DALRS) model to enhance the power of the payment spot market bidding systems. Flexible resources in smart grids and this report provide a comprehensive evaluation and analysis of the current market trading arrangements for these renewable energy systems. Furthermore, strategic market bidding analysis and resource bidding allocation technique has been introduced in distributed resources in the spot market to maximize overall benefits; each supplier chooses the coefficients for linear energy supply functions and decides on unit commitment. Thus the adjustable price bids can facilitate market access to structural providers. The resource bidding allocation technique has been integrated with DALRS to enrich the bidding schemes and develop an overall bidding strategy. (C) 2022 The Author(s). Published by Elsevier Ltd.

Automated summary

This paper discusses the bidding strategies in electricity markets and introduces the application of renewable energy systems in smart grids. The DALRS model is proposed to enhance the payment capability of the power spot market bidding system. In addition, strategic market bidding analysis and resource bidding allocation technique for distributed resources are introduced to maximize overall benefits.