A stochastic programming model for the optimal electricity market bid problem with bilateral contracts for thermal and combined cycle units

Publication TypeReport
Year of Publication2008
AuthorsHeredia, F.-Javier, Rider, Marcos.-J., Corchero, C.
ReferenceGroup on Numerical Optimization and Modelling, E-Prints UPC, http://hdl.handle.net/2117/2282. UPC.
Prepared forAccepted for publication in Annals of Operations Research (2011)
Key Wordscombined cycle units; optimal bid; bilateral contracts; day-ahead market; electricity markets; stochastic programming; modeling language; research
AbstractThis paper developed a stochastic programming model that integrated the most recent regulation rules of the Spanish peninsular system for bilateral contracts in the day-ahead optimal bid problem. Our model allows a price-taker generation company to decide the unit commitment of the thermal and combined cycle programming units, the economic dispatch of the BC between all the programming units and the optimal sale bid by observing the Spanish peninsular regulation. The model was solved using real data of a typical generation company and a set of scenarios for the Spanish market price. The results are reported and analyzed.
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