A Dynamic Risk-Constrained Bidding Strategy for Generation Companies Based on Linear Supply Function Model


A risk-constrained bidding model for generation companies (GenCos) competing in a pool-based mostly electricity market is presented in this paper. In the proposed model, it is assumed that GenCos submit linear supply functions to the market operator. The intercept of the provision operate is the decision variable to be optimized throughout the strategic bidding process by the GenCo. The model takes into account the uncertainties in system demand and uses mean-variance portfolio theory to assess and manage the players' risk. Moreover, electricity market dynamics are modeled assuming boundedly rational GenCos. The strategic bidding method is then formulated as an optimal management drawback and solved using a dynamic programming algorithm. A real-time adaptive feedback is additionally added to the bidding model to manage the congestion things. Finally, the proposed bidding theme is applied to 2 totally different case studies, and therefore the simulated results are analyzed and compared with those in some similar analysis studies.

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