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Simulations of the bidding strategies on the power market (Symulacje strategii wytwórców na rynku energii elektrycznej)

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Author Info

  • Magdalena Borgosz-Koczwara
  • Aleksander Weron
  • Agnieszka Wylomanska

Abstract

In this paper we apply a new approach to build bidding strategies for power suppliers on electricity market and assume that each supplier’s bid is a linear function. Moreover each supplier tends to maximise his profit and minimize his risk, which are dependent on the generation output, coefficients of bid function and cost function. Moreover, supplier’s profit is dependent on strategies of the other players. Therefore suppliers’ decisions are the subjects to expectations of the rivals’ bids and playing at electricity market is connected with the imperfect information about decisions of the rivals [1]. We extend the approach used in [4] and [7] and for some examples of load forecasting we obtain the optimal suppliers’ bids. The main results are illustrated by the numerical examples. To the analysis we use the real data from the Nord Pool power exchange.

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File URL: http://www.im.pwr.wroc.pl/~hugo/RePEc/wuu/wpaper/HSC_06_04.pdf
File Function: Draft version, December 2006
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Bibliographic Info

Paper provided by Hugo Steinhaus Center, Wroclaw University of Technology in its series HSC Research Reports with number HSC/06/04.

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Length: 15 pages
Date of creation: 2006
Date of revision:
Publication status: Published in Energetyka 12/2006 (2006) 904-908.
Handle: RePEc:wuu:wpaper:hsc0604

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Related research

Keywords: Power market; Nord Pool power market; bidding strategy; imperfect information; load forecasting;

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