A Game Theoretical Approach Based Bidding Strategy Optimization for Power Producers in Power Markets with Renewable Electricity
AbstractIn 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
Scifeed alert for new publicationsNever miss any articles matching your research from any publisher
- Get alerts for new papers matching your research
- Find out the new papers from selected authors
- Updated daily for 49'000+ journals and 6000+ publishers
- Define your Scifeed now
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.
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(5):627.Chicago/Turabian Style
Tang, Yi; Ling, Jing; Ma, Tingting; Chen, Ning; Liu, Xiaofeng; Gao, Bingtuan. 2017. "A Game Theoretical Approach Based Bidding Strategy Optimization for Power Producers in Power Markets with Renewable Electricity." Energies 10, no. 5: 627.
Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.