Optimal bidding strategy of electricity retailers using robust optimisation approach considering time-of-use rate demand response programs under market price uncertainties

PROJECT TITLE :

Optimal bidding strategy of electricity retailers using robust optimisation approach considering time-of-use rate demand response programs under market price uncertainties

ABSTRACT:

In restructured electricity markets, the electricity retailers try to obtain the customers' electricity demand at the minimum value of different resources like self-generating facilities, bilateral contracts and pool market purchases. Hence, more attention should be paid to the demand response programs (DRPs) that aim to electricity procurement price reduction. Owing to the unsure nature of pool prices and the value fluctuation within the pool markets, the uncertainty modelling is inevitable for retailers. During this study, a strong optimisation approach is proposed for decision creating of electricity retailers. Meanwhile, considering the impact of DRP on total procurement cost, an optimal bidding strategy is proposed of electricity retailers with the time-based mostly model of DRP within the electricity market. For this purpose, a assortment of robust mixed-integer linear programming (RMILP) drawback ought to be solved within the proposed technique. In place of using the forecasted costs as inputs, the higher and lower limits of pool costs are thought-about for the uncertainty modelling. The range of pool prices is sequentially partitioned into successive nested subintervals, which permits formulating the RMILP issues. The results of those issues provide sufficient knowledge to obtain an optimal bidding strategy for electricity retailers considering DRP. Detailed analysis is performed to delineate the proposed methodology.

Did you like this research project?

To get this research project Guidelines, Training and Code... Click Here