Day-Ahead Market Modeling for Strategic Wind Power Producers under Robust Market Clearing

Huiru Zhao, Yuwei Wang, Mingrui Zhao, Qingkun Tan and Sen Guo
Additional contact information
Huiru Zhao: School of Economics and Management, North China Electric Power University, Beijing 102206, China
Yuwei Wang: School of Economics and Management, North China Electric Power University, Beijing 102206, China
Mingrui Zhao: School of Economics and Management, North China Electric Power University, Beijing 102206, China
Qingkun Tan: School of Economics and Management, North China Electric Power University, Beijing 102206, China
Sen Guo: School of Economics and Management, North China Electric Power University, Beijing 102206, China

Energies, 2017, vol. 10, issue 7, 1-27

Abstract: In this paper, considering real time wind power uncertainties, the strategic behaviors of wind power producers adopting two different bidding modes in day-ahead electricity market is modeled and experimentally compared. These two different bidding modes only provide a wind power output plan and a bidding curve consisting of bidding price and power output, respectively. On the one hand, to significantly improve wind power accommodation, a robust market clearing model is employed for day-ahead market clearing implemented by an independent system operator. On the other hand, since the Least Squares Continuous Actor-Critic algorithm is demonstrated as an effective method in dealing with Markov decision-making problems with continuous state and action sets, we propose the Least Squares Continuous Actor-Critic-based approaches to model and simulate the dynamic bidding interaction processes of many wind power producers adopting two different bidding modes in the day-head electricity market under robust market clearing conditions, respectively. Simulations are implemented on the IEEE 30-bus test system with five strategic wind power producers, which verify the rationality of our proposed approaches. Moreover, the quantitative analysis and comparisons conducted in our simulations put forward some suggestions about leading wind power producers to reasonably bid in market and bidding mode selections.

Keywords: day-ahead electricity market; wind power producer; wind power uncertainty; robust market clearing; Least Squares Continuous Actor-Critic algorithm (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
https://www.mdpi.com/1996-1073/10/7/924/pdf (application/pdf)
https://www.mdpi.com/1996-1073/10/7/924/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jeners:v:10:y:2017:i:7:p:924-:d:103517

Access Statistics for this article

Energies is currently edited by Ms. Agatha Cao

More articles in Energies from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().