OPTIMUM STOCHASTIC SELF-SCHEDULING FOR GENCOS CONSIDERING POOL AUCTION AND BILATERAL CONTRACTS

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AMJADY N.; VATANI B.; SHARIFZADEH H.

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Journal: Modeling in Engineering Year:2011 | Volume:9 | Issue:24 Page(s): 21-29

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Title

OPTIMUM STOCHASTIC SELF-SCHEDULING FOR GENCOS CONSIDERING POOL AUCTION AND BILATERAL CONTRACTS

Author(s)

AMJADY N. | VATANI B. | SHARIFZADEH H. | Issue Writer Certificate

Keywords

ENERGY MARKETQ1

BILATERAL CONTRACTSQ3

STOCHASTIC SELF-SCHEDULINGQ3

FINANCIAL RISKQ3

GENERATION COMPANIESQ3

Abstract

In this paper, in order to determine optimal bidding strategy of GENCOs, considering uncertainty of market price, a stochastic model is presented. For this purpose, a two-stage stochastic model is proposed in which energy prices are considered as uncertain parameters. Furthermore, for taking into account the practical conditions, the producers have been granted the opportunity to sell their productions both through BILATERAL CONTRACTS and participating in energy auctions. The producer's FINANCIAL RISK is also evaluated using the well-known CVaR criterion. The proposed model is implemented on a test system and the obtained results are analyzed. The simulation results show that the proposed model can simulate market behavior effectively, obtain optimal bidding strategy and propose proper market selection with the aim of profit maximization.

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APA: Copy

AMJADY, N., VATANI, B., & SHARIFZADEH, H.. (2011). OPTIMUM STOCHASTIC SELF-SCHEDULING FOR GENCOS CONSIDERING POOL AUCTION AND BILATERAL CONTRACTS. JOURNAL OF MODELING IN ENGINEERING, 9(24), 21-29. SID. https://sid.ir/paper/173838/en

Vancouver: Copy

AMJADY N., VATANI B., SHARIFZADEH H.. OPTIMUM STOCHASTIC SELF-SCHEDULING FOR GENCOS CONSIDERING POOL AUCTION AND BILATERAL CONTRACTS. JOURNAL OF MODELING IN ENGINEERING[Internet]. 2011;9(24):21-29. Available from: https://sid.ir/paper/173838/en

IEEE: Copy

N. AMJADY, B. VATANI, and H. SHARIFZADEH, “OPTIMUM STOCHASTIC SELF-SCHEDULING FOR GENCOS CONSIDERING POOL AUCTION AND BILATERAL CONTRACTS,” JOURNAL OF MODELING IN ENGINEERING, vol. 9, no. 24, pp. 21–29, 2011, [Online]. Available: https://sid.ir/paper/173838/en

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