TY - GEN
T1 - MCP forecasting and risk considered genco's bidding strategies in electricity market
AU - Zhang, Haifeng
AU - Kang, Zhixi
AU - Wu, Jiang
AU - Gao, Feng
PY - 2010
Y1 - 2010
N2 - As one of the most important parts in power system, electricity price forecasting has been a crucial factor for the generation companies' (Genco) bidding strategies, through which Gencos can maximize their potential benefits. However, high income is always coupled with high risk, as electricity volatility, demand uncertainty, and bidding strategies of rivals. In this paper, a bidding strategy based on Market Clearing Price (MCP) forecasting and risk management theory is presented. A Genco's bidding behavior is modeled as a risky decision making process in which Genco aims to the higher profit with lower risk, and the bidding strategy for the Genco can be obtained by solving a risk-utility function. At the end of the paper, numerical testing results show that this method is effective.
AB - As one of the most important parts in power system, electricity price forecasting has been a crucial factor for the generation companies' (Genco) bidding strategies, through which Gencos can maximize their potential benefits. However, high income is always coupled with high risk, as electricity volatility, demand uncertainty, and bidding strategies of rivals. In this paper, a bidding strategy based on Market Clearing Price (MCP) forecasting and risk management theory is presented. A Genco's bidding behavior is modeled as a risky decision making process in which Genco aims to the higher profit with lower risk, and the bidding strategy for the Genco can be obtained by solving a risk-utility function. At the end of the paper, numerical testing results show that this method is effective.
KW - Bidding strategies
KW - Electricity market
KW - Genetic programming
KW - Risk
UR - https://www.scopus.com/pages/publications/77958130533
U2 - 10.1109/WCICA.2010.5555078
DO - 10.1109/WCICA.2010.5555078
M3 - 会议稿件
AN - SCOPUS:77958130533
SN - 9781424467129
T3 - Proceedings of the World Congress on Intelligent Control and Automation (WCICA)
SP - 3266
EP - 3270
BT - 2010 8th World Congress on Intelligent Control and Automation, WCICA 2010
T2 - 2010 8th World Congress on Intelligent Control and Automation, WCICA 2010
Y2 - 7 July 2010 through 9 July 2010
ER -