This paper represents a complete survey on Generation Companies’ (GenCos’) optimal bidding strategy problem in restructured power markets. In this regard after an introduction to competitive electricity markets, concept of optimal bidding strategy is presented. Considering large amount of works accomplished in this area a novel classification is implemented in order to categorize the existing d...

In this paper, the concept of Conjectural Variation (CV) is used to specify optimal generation decision for generation companies (Gencos). The conjecture of Genco is defined as its belief or expectation about the reaction of rivals to change of its output. Using CV method, each Genco has to learn and estimate strategic behaviors of other competitors from available historical market operation da...

Abstract: This paper designs an incentive contract menu to achieve long-term stability for electricity prices in a day-ahead electricity market. A bi-level Stackelberg game model is proposed to search for the optimal incentive mechanism under a one-leader and multi-followers gaming framework. A multi-agent simulation platform was developed to investigate the effectiveness of the incentive mecha...

This paper studies optimal long-term electric power capacity strategies with capacity options. Gencos can sign contracts with Discos, where such contracts take the form of capacity options that may or may not be executed by Discos at some pre-specified maturation date. Capacity not offered in the options market, or for which options by Discos are not executed, can then be offered in the spot ma...

In this paper, particle swarm optimization algorithm is proposed to determine the optimal bidding strategy in competitive auction market. The market includes generating companies (Gencos), large consumers who participate in demand side bidding, and small consumers whose demand is present in aggregate form. By using previous bidding data and multi-round auction process, the optimal bidding strat...

The paper studies on the core philosophy and algorithm of the designing economic mechanisms theory, a new algorithm of designing incentive compatible power market mechanisms is proposed, a generation side power market mechanism model which has features of inventive compatibility, informationally efficient and decentralized decision is constructed. The power market based on the designing economi...

The paper adopts the Conjectural Variation model for investigating firms’ strategic behaviors in the wholesale electricity market. The aim of the proposed approach is providing market actors with a tool able to simulate the oligopolistic market models. The tool, utilized by a Generating Company (GenCo), permits to foresee the rivals’ behaviors and builds the suitable supply bid curve for its ow...

With the opening of the power industry to competition, the power system structure is changing. According to these changes, power system operation, planning, and control need modifications. Under this deregulated power market, generation companies (GENCOs) can schedule their generators to maximize their own profit without accurately satisfying system demand/reserve, which is a traditional short-...

With the advent of paralleling and implementation of restructuring in the power market, some routine rules and patterns of traditional market should be accomplished in a way different from the past. To this end, the unit commitment (UC) scheduling that has once been aimed at minimizing operating costs in an integrated power market, is metamorphosed to profit based unit commitment (PBUC) by adop...

This paper presents the AGC controllers to regulate the system frequency and to regulate the power generation of various GENCOs at scheduled levels in a deregulated power system by optimizing the parameters of controller using Evolutionary Real coded genetic algorithm (RCGA). The performance of the controller is investigated on a two-area interconnected power system consisting of Hydro-Thermal ...