Hydropower Bidding Strategies to Day-Ahead and Real-Time Markets: Different Approaches
2013 (English)In: 24th International Workshop on Database and Expert Systems Applications: DEXA 2013 : proceedings, 26-29 August 2013, Prague, Czech Republic, IEEE Computer Society, 2013, 209-213 p.Conference paper (Refereed)
The ongoing growth in wind power introduce huge amount of uncertainties to the power market. The stochastic nature of these power sources increases the need for the reserve power in real-time market. Having a flexible power source, hydropower producer can provide reserve power and increase its profit. Therefore, to build a planning model, which will allocate available capacity in different market places is an essential task for the price-taker hydropower producer. This paper uses optimal bidding model to the day-ahead market considering real-time balancing market under the uncertainties of the day-ahead and real-time market prices. Specifically, the model is built using stochastic linear programming approach. According to the results, for simultaneous bidding to day-ahead and real-time markets two extreme cases are happening. To make the bidding strategies more realistic and robust different novel approaches are modeled and assessed. Discussions on the results are provided and summarized.
Place, publisher, year, edition, pages
IEEE Computer Society, 2013. 209-213 p.
, Proceedings - International Workshop on Database and Expert Systems Applications, DEXA, ISSN 1529-4188
Stochastic programming, optimal bidding, dayahead market, regulating market, scenario generation
Other Electrical Engineering, Electronic Engineering, Information Engineering
IdentifiersURN: urn:nbn:se:kth:diva-139316DOI: 10.1109/DEXA.2013.45ISI: 000335791800038ScopusID: 2-s2.0-84887913296ISBN: 978-0-7695-5070-1OAI: oai:DiVA.org:kth-139316DiVA: diva2:684923
24th International Workshop on Database and Expert Systems Applications, DEXA 2013; Prague; Czech Republic; 26 August 2013 through 29 August 2013
QC 201401102014-01-082014-01-082014-06-09Bibliographically approved