Virtual Power Plant

Optimal Bidding Strategies for Thermal and Generic Programming Units in the Day-Ahead Electricity Market

Publication TypeJournal Article
Year of Publication2010
AuthorsHeredia, F.-J; Rider, M.-Julio; Corchero, C.
Journal TitleIEEE Transactions on Power Systems
Volume25
Issue3
Pages1504-1518
Start Page1504
Journal DateAug. 2010
PublisherIEEE Power & Energy Society
ISSN Number0885-8950
Key Wordsresearch; paper; bilateral contracts; electricity spot market; optimal bidding strategies; short-term electricity generation planning; stochastic programming; virtual power plant auctions
AbstractThis study has developed a stochastic programming model that integrates the day-ahead optimal bidding problem with the most recent regulation rules of the Iberian Electricity Market (MIBEL) for bilateral contracts (BC), with a special consideration for the new mechanism to balance the competition of the production market, namely virtual power plant (VPP) auctions. The model allows a price-taking generation company (GenCo) to decide on the unit commitment of the thermal units, the economic dispatch of the BCs between the thermal units and the generic programming unit (GPU), and the optimal sale/purchase bids for all units (thermal and generic), by observing the MIBEL regulation. The uncertainty of the spot prices has been represented through scenario sets built from the most recent real data using scenario reduction techniques. The model has been solved using real data from a Spanish generation company and spot prices, and the results have been reported and analyzed.
URLClick Here
DOI10.1109/TPWRS.2009.2038269
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Optimal Bidding Strategies for Thermal and Generic Programming Units in the Day-ahead Electricity Market

Publication TypeReport
Year of Publication2008
AuthorsHeredia, F.-Javier, Rider, Marcos.-J., Corchero, C.
Pages12
Date11/2008
ReferenceResearch report DR 2008/13, Dept. of Statistics and Operations Research. E-Prints UPC, http://hdl.handle.net/2117/2468. Universitat Politècnica de Catalunya
Prepared forPublished on august 2010 at IEEE Transactions on Power Systems
Key Wordsresearch; stochastic programming; electricity markets; day-ahead market, bilateral contracts; Virtual Power Plants; optimal bid
AbstractThis paper develops a stochastic programming model that integrates the day-ahead optimal bidding problem with the most recent regulation rules of the Iberian Electricity Market (MIBEL) for bilateral contracts, with a special consideration for the new mechanism to balance the competition of the production market, namely virtual power plants auctions (VPP). The model allows a price-taker generation company to decide the unit commitment of the thermal units, the economic dispatch of the bilateral contracts between the thermal units and the generic programming unit (GPU) and the optimal sale/purchase bids for all units (thermal and generic) observing the MIBEL regulation. The uncertainty of the spot prices is represented through scenario sets built from the most recent real data using scenario reduction techniques. The model was solved with real data from a Spanish generation company and spot prices, and the results are reported and analyzed.
URLClick Here
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