An Amended Whale Optimization Algorithm for Optimal Bidding in Day Ahead Electricity Market
Successful privatization in other sectors leads to a restructuring in the power sector. The same practice has been adopted in the electrical industry with a deregulated electricity market (EM). This enables competition among generating companies (Genco’s) for maximizing their profit and it plays a c...
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MDPI AG
2022-09-01
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| author | Kavita Jain Akash Saxena Ahmad M. Alshamrani Adel Fahad Alrasheedi Khalid Abdulaziz Alnowibet Ali Wagdy Mohamed |
| author_facet | Kavita Jain Akash Saxena Ahmad M. Alshamrani Adel Fahad Alrasheedi Khalid Abdulaziz Alnowibet Ali Wagdy Mohamed |
| author_sort | Kavita Jain |
| collection | DOAJ |
| description | Successful privatization in other sectors leads to a restructuring in the power sector. The same practice has been adopted in the electrical industry with a deregulated electricity market (EM). This enables competition among generating companies (Genco’s) for maximizing their profit and it plays a central role. With this aim, each Genco gives a higher bid that may result in a risk of losing the opportunity to get selected at auction. The big challenge in front of a Genco is to acquire an optimal bid and this process is known as the Optimal Bidding Strategy (OBS) of a Genco. In this manuscript, a new variant of whale optimization (WOA) termed the Amended Whale Optimization Algorithm (AWOA) is proposed, to attain the OBS of thermal Genco in an EM. Once the effectiveness of new AWOA is proved on 23 benchmark functions, it is applied to five Genco strategic bidding problems in a spot market with uniform price. The results obtained from the proposed AWOA are compared with other competitive algorithms. The results reflect that AWOA outperforms in terms of the profit and convergence rate. Simulations also indicate that the proposed AWOA can successfully be used for an OBS in the EM. |
| first_indexed | 2024-03-10T00:44:08Z |
| format | Article |
| id | doaj.art-6bc91753bfb34c4bb6cd486522eb72c6 |
| institution | Directory Open Access Journal |
| issn | 2075-1680 |
| language | English |
| last_indexed | 2024-03-10T00:44:08Z |
| publishDate | 2022-09-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Axioms |
| spelling | doaj.art-6bc91753bfb34c4bb6cd486522eb72c62023-11-23T15:02:20ZengMDPI AGAxioms2075-16802022-09-0111945610.3390/axioms11090456An Amended Whale Optimization Algorithm for Optimal Bidding in Day Ahead Electricity MarketKavita Jain0Akash Saxena1Ahmad M. Alshamrani2Adel Fahad Alrasheedi3Khalid Abdulaziz Alnowibet4Ali Wagdy Mohamed5Department of Electrical Engineering, Swami Keshvanand Institute of Technology, Management and Gramothan, Jaipur 302017, Rajasthan, IndiaDepartment of Electrical Engineering, Swami Keshvanand Institute of Technology, Management and Gramothan, Jaipur 302017, Rajasthan, IndiaStatistics and Operations Research Department, College of Science, King Saud University, P.O. Box 2455, Riyadh 11451, Saudi ArabiaStatistics and Operations Research Department, College of Science, King Saud University, P.O. Box 2455, Riyadh 11451, Saudi ArabiaStatistics and Operations Research Department, College of Science, King Saud University, P.O. Box 2455, Riyadh 11451, Saudi ArabiaOperations Research Department, Faculty of Graduate Studies for Statistical Research, Cairo University, Giza 12613, EgyptSuccessful privatization in other sectors leads to a restructuring in the power sector. The same practice has been adopted in the electrical industry with a deregulated electricity market (EM). This enables competition among generating companies (Genco’s) for maximizing their profit and it plays a central role. With this aim, each Genco gives a higher bid that may result in a risk of losing the opportunity to get selected at auction. The big challenge in front of a Genco is to acquire an optimal bid and this process is known as the Optimal Bidding Strategy (OBS) of a Genco. In this manuscript, a new variant of whale optimization (WOA) termed the Amended Whale Optimization Algorithm (AWOA) is proposed, to attain the OBS of thermal Genco in an EM. Once the effectiveness of new AWOA is proved on 23 benchmark functions, it is applied to five Genco strategic bidding problems in a spot market with uniform price. The results obtained from the proposed AWOA are compared with other competitive algorithms. The results reflect that AWOA outperforms in terms of the profit and convergence rate. Simulations also indicate that the proposed AWOA can successfully be used for an OBS in the EM.https://www.mdpi.com/2075-1680/11/9/456bidding strategieselectricity market (EM)market clearing price (MCP)whale optimization algorithm (WOA)Cauchy mutation (CM) |
| spellingShingle | Kavita Jain Akash Saxena Ahmad M. Alshamrani Adel Fahad Alrasheedi Khalid Abdulaziz Alnowibet Ali Wagdy Mohamed An Amended Whale Optimization Algorithm for Optimal Bidding in Day Ahead Electricity Market Axioms bidding strategies electricity market (EM) market clearing price (MCP) whale optimization algorithm (WOA) Cauchy mutation (CM) |
| title | An Amended Whale Optimization Algorithm for Optimal Bidding in Day Ahead Electricity Market |
| title_full | An Amended Whale Optimization Algorithm for Optimal Bidding in Day Ahead Electricity Market |
| title_fullStr | An Amended Whale Optimization Algorithm for Optimal Bidding in Day Ahead Electricity Market |
| title_full_unstemmed | An Amended Whale Optimization Algorithm for Optimal Bidding in Day Ahead Electricity Market |
| title_short | An Amended Whale Optimization Algorithm for Optimal Bidding in Day Ahead Electricity Market |
| title_sort | amended whale optimization algorithm for optimal bidding in day ahead electricity market |
| topic | bidding strategies electricity market (EM) market clearing price (MCP) whale optimization algorithm (WOA) Cauchy mutation (CM) |
| url | https://www.mdpi.com/2075-1680/11/9/456 |
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