Impacts of Renewable Sources of Energy on Bid Modeling Strategy in an Emerging Electricity Market Using Oppositional Gravitational Search Algorithm

Satyendra Singh, Manoj Fozdar, Hasmat Malik, Irfan Ahmad Khan, Sattam Al Otaibi and Fahad R. Albogamy
Additional contact information
Satyendra Singh: School of Electrical Skills, Bhartiya Skill Development University Jaipur, Rajstahan 302037, India
Manoj Fozdar: Department of Electrical Engineering, Malaviya National Institute of Technology Jaipur, Rajasthan 302017, India
Hasmat Malik: Berkeley Education Alliance for Research in Singapore, University Town, NUS Campus, Singapore 138602, Singapore
Irfan Ahmad Khan: Clean and Resilient Energy Systems (CARES) Lab, Texas A&M University, Galveston, TX 77553, USA
Sattam Al Otaibi: Department of Electrical Engineering, College of Engineering, Taif University, Taif 21944, Saudi Arabia
Fahad R. Albogamy: Turabah University College, Computer Sciences Program, Taif University, Taif 21944, Saudi Arabia

Energies, 2021, vol. 14, issue 18, 1-19

Abstract: Power suppliers in a dynamic power market can achieve full benefit by introducing a bidding strategy mechanism. In the power sector, renewable resources have significant gradual usage and their effect on the production of detailed bidding approaches is becoming further complicated in the industry. Due to the irregular nature of these renewable resources and because they are subject to several fluctuations, there is an inherent issue with generating electricity. Taking these considerations into account, attempts have been made to create a model of bidding strategy to optimize the benefit of the electricity producers using the oppositional gravitational search algorithm. The Weibull and Beta distribution functions are utilized to describe the stochastic characteristics of the wind-speed profile and solar-irradiation, respectively. For the IEEE-30 and IEEE-57 frameworks, the suggested method is being checked and explained. In comparison to other optimization approaches, the results of this approach were taken into account, and it was discovered that it outperformed other techniques in addressing bid difficulties. In addition, it is worth noting that the impact of renewable energy on the bidding strategy lowered market clearing and thermal power generating costs, and encouraged renewable influenced producers to put forward the excess electricity into the real-time market.

Keywords: energy market; market clearing price; modeling of solar; modeling of wind; oppositional based gravitational search algorithm; strategic bidding (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: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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