Optimal Bidding of Price-Maker Retailers With Demand Price Quota Curves Under Price Uncertainty
This paper proposes an optimal bidding method of price-maker retailers in the electricity market with demand price quota curves (DPQC)-based probability distribution function (PDF) estimation of the market price. Different from traditional game-theory methods or agent-based methods, the proposed DPQ...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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IEEE
2020-01-01
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| Series: | IEEE Access |
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| Online Access: | https://ieeexplore.ieee.org/document/9129704/ |
| _version_ | 1818663672909660160 |
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| author | Ying Wang Dehao Wang Huaiyu Zhang Kaifeng Zhang |
| author_facet | Ying Wang Dehao Wang Huaiyu Zhang Kaifeng Zhang |
| author_sort | Ying Wang |
| collection | DOAJ |
| description | This paper proposes an optimal bidding method of price-maker retailers in the electricity market with demand price quota curves (DPQC)-based probability distribution function (PDF) estimation of the market price. Different from traditional game-theory methods or agent-based methods, the proposed DPQC-based PDF estimation method unnecessity to have full knowledge of the strategies of each rival or the market operation. In detail, the DPQC method is applied to consider the impacts of the market clearing price from the price-maker retailers themselves, and the PDF model is utilized to consider the market price uncertainty. The technical key point of the proposed method is to amend the PDF along with the PQCs dynamically. Moreover, the DPQC-based PDF estimation with one-segment and multi-segment bidding rules are presented, respectively. The optimization model of the bidding problem is formulated then, and we use the genetic algorithm to solve it. The case study shows that the proposed method can help the price-maker retailers better to consider the price impacts from their bidding behaviors, and enable them to make a higher profit in the electricity market. |
| first_indexed | 2024-12-17T05:20:35Z |
| format | Article |
| id | doaj.art-74c8560b27604de49559225b8a5fc330 |
| institution | Directory Open Access Journal |
| issn | 2169-3536 |
| language | English |
| last_indexed | 2024-12-17T05:20:35Z |
| publishDate | 2020-01-01 |
| publisher | IEEE |
| record_format | Article |
| series | IEEE Access |
| spelling | doaj.art-74c8560b27604de49559225b8a5fc3302022-12-21T22:01:58ZengIEEEIEEE Access2169-35362020-01-01812074612075610.1109/ACCESS.2020.30059329129704Optimal Bidding of Price-Maker Retailers With Demand Price Quota Curves Under Price UncertaintyYing Wang0https://orcid.org/0000-0002-9498-6426Dehao Wang1Huaiyu Zhang2Kaifeng Zhang3https://orcid.org/0000-0001-7922-272XKey Laboratory of Measurement and Control of CSE, Ministry of Education, Southeast University, Nanjing, ChinaKey Laboratory of Measurement and Control of CSE, Ministry of Education, Southeast University, Nanjing, ChinaEast China Branch of State Grid Corporation of China, Shanghai, ChinaKey Laboratory of Measurement and Control of CSE, Ministry of Education, Southeast University, Nanjing, ChinaThis paper proposes an optimal bidding method of price-maker retailers in the electricity market with demand price quota curves (DPQC)-based probability distribution function (PDF) estimation of the market price. Different from traditional game-theory methods or agent-based methods, the proposed DPQC-based PDF estimation method unnecessity to have full knowledge of the strategies of each rival or the market operation. In detail, the DPQC method is applied to consider the impacts of the market clearing price from the price-maker retailers themselves, and the PDF model is utilized to consider the market price uncertainty. The technical key point of the proposed method is to amend the PDF along with the PQCs dynamically. Moreover, the DPQC-based PDF estimation with one-segment and multi-segment bidding rules are presented, respectively. The optimization model of the bidding problem is formulated then, and we use the genetic algorithm to solve it. The case study shows that the proposed method can help the price-maker retailers better to consider the price impacts from their bidding behaviors, and enable them to make a higher profit in the electricity market.https://ieeexplore.ieee.org/document/9129704/Demand price quota curve (DPQC)optimal biddingprice-makerpower market |
| spellingShingle | Ying Wang Dehao Wang Huaiyu Zhang Kaifeng Zhang Optimal Bidding of Price-Maker Retailers With Demand Price Quota Curves Under Price Uncertainty IEEE Access Demand price quota curve (DPQC) optimal bidding price-maker power market |
| title | Optimal Bidding of Price-Maker Retailers With Demand Price Quota Curves Under Price Uncertainty |
| title_full | Optimal Bidding of Price-Maker Retailers With Demand Price Quota Curves Under Price Uncertainty |
| title_fullStr | Optimal Bidding of Price-Maker Retailers With Demand Price Quota Curves Under Price Uncertainty |
| title_full_unstemmed | Optimal Bidding of Price-Maker Retailers With Demand Price Quota Curves Under Price Uncertainty |
| title_short | Optimal Bidding of Price-Maker Retailers With Demand Price Quota Curves Under Price Uncertainty |
| title_sort | optimal bidding of price maker retailers with demand price quota curves under price uncertainty |
| topic | Demand price quota curve (DPQC) optimal bidding price-maker power market |
| url | https://ieeexplore.ieee.org/document/9129704/ |
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