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Energies 2017, 10(5), 627; doi:10.3390/en10050627

A Game Theoretical Approach Based Bidding Strategy Optimization for Power Producers in Power Markets with Renewable Electricity

1
School of Electrical Engineering, Southeast University, Nanjing 210096, China
2
China Electric Power Research Institute, Nanjing 210003, China
*
Author to whom correspondence should be addressed.
Academic Editor: Michael Gerard Pecht
Received: 26 February 2017 / Revised: 18 April 2017 / Accepted: 2 May 2017 / Published: 4 May 2017
(This article belongs to the Section Electrical Power and Energy System)
View Full-Text   |   Download PDF [513 KB, uploaded 4 May 2017]   |  

Abstract

In a competitive electricity market with substantial involvement of renewable electricity, maximizing profits by optimizing bidding strategies is crucial to different power producers including conventional power plants and renewable ones. This paper proposes a game-theoretic bidding optimization method based on bi-level programming, where power producers are at the upper level and utility companies are at the lower level. The competition among the multiple power producers is formulated as a non-cooperative game in which bidding curves are their strategies, while uniform clearing pricing is considered for utility companies represented by an independent system operator. Consequently, based on the formulated game model, the bidding strategies for power producers are optimized for the day-ahead market and the intraday market with considering the properties of renewable energy; and the clearing pricing for the utility companies, with respect to the power quantity from different power producers, is optimized simultaneously. Furthermore, a distributed algorithm is provided to search the solution of the generalized Nash equilibrium. Finally, simulation results were performed and discussed to verify the feasibility and effectiveness of the proposed non-cooperative game-based bi-level optimization approach. View Full-Text
Keywords: bidding strategy; non-cooperative game; competitive electricity market; bi-level optimization bidding strategy; non-cooperative game; competitive electricity market; bi-level optimization
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MDPI and ACS Style

Tang, Y.; Ling, J.; Ma, T.; Chen, N.; Liu, X.; Gao, B. A Game Theoretical Approach Based Bidding Strategy Optimization for Power Producers in Power Markets with Renewable Electricity. Energies 2017, 10, 627.

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