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Research of Bidding Strategy for Generators in Electricity Market

Author: ChenXiSheng
Tutor: ZouBin
School: Jiangnan University
Course: Power Electronics and Power Drives
Keywords: Electricity market Price Forecasting Distribution of the market clearing price Maximum profit expectations Bidding Strategy Risk Decision Chance constrained programming PSO
CLC: F426.61
Type: Master's thesis
Year: 2007
Downloads: 94
Quote: 0
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Abstract

Since the 1980s, in the United States and other Western countries, the power industry has been a profound transformation, its content is to break the monopoly of the introduction of competition in order to achieve greater efficiency, optimize resource allocation purposes, with the market in lieu of administrative means to regulate the operation of the power system. In China, since 1998, the original national power company to conduct a longitudinal split, to achieve \generation and sale of electricity to introduce aspects of the full and effective competition, pulled from China's power industry market-oriented reforms of the regiment. In the electricity market environment, the generation companies bid decision problem in the electricity market has been an important area of ??research. Power generation companies as market goods providers, competition is bound to generate electricity in accordance with market rules. For the generation companies, its ultimate goal is to get its own profit maximization and risk minimization. To solve this problem in the past a lot of research work is in the process of forming bidding strategies solely to the pursuit of profit maximization as the goal. And because the price in the electricity market has inherent uncertainties that may cause the actual operation of the market has formed a bidding strategy based on quotations to achieve maximum profit corresponds there is a big risk. This obviously reveals the simple bidding strategies in pursuit of profit maximization limitations, and also shows profit and risk are a pair of conflicting indicators, profits tend to be higher at higher risk. How to achieve maximum profits, while taking into account risk factors for quotation making risk decisions is a typical problem. This work is the generation companies bidding strategies in a series of studies on offer from the build model to risk analysis and risk decisions and then to bid optimization to achieve other issues have been discussed in detail and realized. Text are to predict the market price as a basis for establishing bidding model, and assuming power producers are price takers, that do not have market power generation companies. The main contents are as follows: 1, first proposed a distribution of electricity generation based manufacturers offer models. In predicting price lognormal distribution obtained under the conditions of the electricity market clearing price in the probability density function and the probability density function obtained according to the manufacturers offer winning probability generating function. Thus constructed to maximize the expected profit for the purpose of generating manufacturers offer models. Finally cited a realistic case studies and offer the results were discussed in detail. The method is simple, applicability, quote model derived based solutions can offer guidance BIDDING. Meanwhile, the method of maximum profit generation companies only target without considering the risk factor, and therefore there are some limitations. 2, followed in predicting price lognormal conditions, derived under specific programs offer the probability density function of profits, on this basis, the use of generators at least get the idea to get a specified profit margin probability formula, and the profits available bidding strategies - probability curve that risk analysis is bidding strategy provides an effective analytical tool. With this tool, the paper also provides a model of expected profit maximization solution bidding strategy risk analysis, the results show that the expected profit maximizing bidding strategies usually there is a big risk. The paper gives the probability density function of the profits for the risk analysis provides the basis. 3, and finally, in the electricity market for electricity is inherently uncertain, and this uncertainty will result in the generation companies offer different levels of risk faced. Probability formula based on profit proposed a new method of generating risk decision maker, and established a decision model. This method can accurately calculate the difference makers offer solutions in the given probability profit margins. Numerical example shows that the method can quickly and accurately based on risk attitudes of decision makers and the optimal risk decision alternatives. Such a risk decision BIDDING research at home and abroad in this field of research direction of the mainstream. 4, this paper model BIDDING optimized implementations are using particle swarm optimization algorithm, which is based on swarm intelligence evolutionary computation methods. The advantage of this algorithm is simple and easy to implement, and not many parameters need to be adjusted. There are already a lot of scholars PSO algorithm is applied to power system problem solving. Our practice also shows that the algorithm can achieve fast global convergence, and the results fully meet the optimization accuracy.

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