A cobweb bidding model for competitive electricity markets

Generation Supply Bidding in Perfectly Competitive Electricity Markets

This paper reports on the development of a comprehensive framework for the analysis and formulation of bids in competitive electricity markets. Competing entities submit offers of power and energy to meet the next day's load. We use the England and Wales Power Pool as the basis for the development of a very general competitive power pool (CPP) framework. The framework provides the basis for sol...

Bidding strategies in dynamic electricity markets

In this paper the problem of developing bidding strategies for the participants of dynamic oligopolistic electricity markets is studied. Attention is given to strategic bidding of load serving entities (LSE) in these markets. We model oligopolistic electricity markets as non-linear dynamical systems and use discrete-time Nash bidding strategies. We assume a Cournot model for our game, where the...

Auction Design for Competitive Electricity Markets

Modeling the Strategic Bidding in Competitive Electricity Markets Based on Fuzzy-logic

Competition has been introduced in the last decade into the electricity markets and is presently underway in many countries. This paper proposes a model able to capture the decision making approach of the producers in submitting strategic biddings to the market and simulate the market outcomes resulting from those interactions. The model is based on fuzzy logic takes into account the network co...

Algorithmic Bidding for Virtual Trading in Electricity Markets

We consider the problem of optimal bidding for virtual trading in two-settlement electricity markets. A virtual trader aims to arbitrage on the differences between day-ahead and real-time market prices; both prices, however, are random and unknown to market participants. An online learning algorithm is proposed to maximize the cumulative payoff over a finite number of trading sessions by alloca...