Day-ahead bidding strategy of regional integrated energy systems considering multiple uncertainties in electricity markets

Wang, Yubin; Zheng, Yudian; Yang, Qiang

doi:10.1016/j.apenergy.2023.121511

Cited by 11 publications

(1 citation statement)

References 37 publications

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“…To maximize profit in a deregulated environment, GENCOs must optimize the allocation of their generation capacity to different markets. Bidding strategies are essential for increasing profits and have been receiving a lot of attention [1][2][3][4]. Developing an optimal bidding strategy is typically based on GENCOs, technical constraints, and anticipating competitor and market behavior.…”

Section: Introductionmentioning

confidence: 99%

Dual-Sided Involvement of Energy Optimization and Strategic Bidding in Wind-PV System to Maximize Benefits for Customers and Power Providers

Kumar,

Ahirwar

et al. 2024

IEEE Access

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Global warming is causing industrial development to increase greenhouse gas emissions, impacting power provider economies and potentially posing a solution through renewable energy. In order to solve these issues, the research offers a dual strategic auction difficulty for renewable energy market clear prices (MCPs) to maximize supplier and buyer revenues while mitigating rival unpredictability and renewable vacillation power supply sources. The study uses scenario reduction techniques, including Beta and Weibull distribution of probability, forward-reduction technique, and underestimation and overestimation of the cost function to manage uncertainties in renewable energy. The Gravitation Search algorithm and a hybrid approach ordered weighted average distance (OWAD) combined, with Topsis operational gravitational search algorithm TOGSA (OWAD-TOGSA), are used to solve the multi-objective issue. The study evaluates the performance of IEEE standard 30-bus and 57-bus test systems and an Indian 75-bus operational system to solve a problem involving wind and sun energy in the spite of its volatility. The proposed bidding approach is deemed feasible and revenue the potential to improve the efficiency of electric energy-producing utilities and consumers.

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Section: Introductionmentioning

confidence: 99%