Abstract
The deregulation of the electricity industry has prompted a wide interest, especially among generation companies, in developing optimum bidding strategies in order to maximize profits. This paper presents a novel approach to strategic bidding using fuzzy methodology that is able to handle uncertainty in market parameters such as load demand, generator bid, power dispatch, price, cost, revenue and profit. A multi-level fuzzy system is developed to model a generator bidding system. This system is able to extract market behaviors from historical market data, and is used to calculate optimum bid multipliers. The optimum bid multipliers are tested on a simplified electricity market model, namely a four-generator two-bus system. The results show that the proposed fuzzy approach is effective in formulating optimum bids for generators.
| Original language | English |
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| Pages | 1396-1399 |
| Number of pages | 4 |
| Publication status | Published - 1 Dec 2001 |
| Event | IEEE International Conference on Fuzzy Systems 2001 - The University of Melbourne, Melbourne, Australia Duration: 2 Dec 2001 → 5 Dec 2001 Conference number: 10th https://ieeexplore.ieee.org/xpl/conhome/7885/proceeding (Proceedings) |
Conference
| Conference | IEEE International Conference on Fuzzy Systems 2001 |
|---|---|
| Abbreviated title | FUZZ-IEEE 2001 |
| Country/Territory | Australia |
| City | Melbourne |
| Period | 2/12/01 → 5/12/01 |
| Internet address |
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Keywords
- Bidding strategy
- Deregulation
- Electricity market
- Fuzzy logic
- Fuzzy relations