Competitive Behavior of Hydroelectric Power Plants under Uncertainty in Spot Market

This article aims to analyze agents’ behavior in a competitive hydrothermal energy market. The idea is investigate how much the day-to-day of market can be different from predictions presented by cost-based models because risk perception each agent (hydroelectric producer, this case) as participant main contribution determining impact on revenue short-term due variation amount generated and price, which other methodologies may not able capture. For reason, case study was made using daily simulations given month, observing strategy bids eight hydroelectric agents for central operator emulated an price offer simulator called SOPEE. reflected qualitative quantitative examples influence their perceptions parameters that form price.