Abstract
The restructuration of the regulated electricity market provides competitiveness among market participants. In this competitive framework, maximum profit can be achieved by implementing proper bidding strategy for power producers. Nowadays, the advent of generation from renewable source gained as new perspective for bidding strategy. As this renewable generation is sporadic in nature and possesses a lot of uncertainty, so power producers face an inevitable problem. Considering this fact into account, here MFO algorithm is proposed to frame bidding strategy for power producers, which maximizes their profit. In addition, the uncertainty characterization of wind renewable source is designed by employing Weibull PDF. The efficacy of the proposed approach is analyzed by IEEE 30-bus system with other approaches. From the comparative analysis, it is found superiority of the proposed approach for solving the strategic bidding problem of power producers, and the impact of wind generation on single-sided bidding problem reduces market clearing price as well as power dispatch of thermal generators.
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Sahoo, A., Hota, P.K. (2022). Single-Sided Bidding Considering Uncertainty of Renewable Source in a Day-Ahead Energy Market. In: Gupta, O.H., Sood, V.K., Malik, O.P. (eds) Recent Advances in Power Systems. Lecture Notes in Electrical Engineering, vol 812. Springer, Singapore. https://doi.org/10.1007/978-981-16-6970-5_16
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DOI: https://doi.org/10.1007/978-981-16-6970-5_16
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