A stochastic programming model for the optimal electricity market bid problem with bilateral contracts for thermal and combined cycle units

F.-Javier Heredia (), Marcos Rider () and Cristina Corchero ()

Annals of Operations Research, 2012, vol. 193, issue 1, 107-127

Abstract: This paper develops a stochastic programming model that integrates the most recent regulation rules of the Spanish peninsular system for bilateral contracts in the day-ahead optimal bid problem. Our model allows a price-taker generation company to decide the unit commitment of the thermal and combined cycle programming units, the economic dispatch of the bilateral contract between all the programming units and the optimal sale bid by observing the Spanish peninsular regulation. The model was solved using real data of a typical generation company and a set of scenarios for the Spanish market price. The results are reported and analyzed. Copyright Springer Science+Business Media, LLC 2012

Keywords: Electricity day-ahead market; Combined cycle units; Bilateral contracts; Optimal bid; Stochastic programming (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1007/s10479-011-0847-x

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