Bidding strategy in the electricity market

Shafiekhani, Morteza, Zangeneh, Ali and Khavari, Farshad 2022. Bidding strategy in the electricity market. Zangeneh, Ali and Moeini-Aghtaie, Moein, eds. Scheduling and Operation of Virtual Power Plants: Technical Challenges and Electricity Markets, Elsevier, pp. 37-57. (10.1016/B978-0-32-385267-8.00008-1)

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Abstract

This chapter is about the optimal bidding strategy of a virtual power plants (VPPs) in the electricity market. The VPPs consist of wind units, PV units, thermal units, storages and internal loads. The problem of the optimal bidding strategy can be single- or multi-level. In the single-level models, there is only one objective function. This chapter is based on a bi-level model. In this regard, a bi-level mathematical program with equilibrium constraint is stated in which the upper level represents VPP profit maximization and the lower level deals with day-ahead market clearing problem. Alongside the virtual power plant, there are rivals who have non-strategic behavior. The stated bi-level model is converted into a tractable mixed-integer linear programming problem with strong duality theory and KKT optimally conditions.

Item Type:	Book Section
Book Type:	Edited Book
Date Type:	Published Online
Status:	Published
Schools:	Engineering
Publisher:	Elsevier
ISBN:	9780323852678
Last Modified:	15 Jul 2024 12:47
URI:	https://orca.cardiff.ac.uk/id/eprint/162408

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