 Simulations of the bidding strategies on the power market (Symulacje strategii wytwórców na rynku energii elektrycznej)Magdalena Borgosz-Koczwara, Aleksander Weron and Agnieszka Wyłomańska No HSC/06/04, HSC Research Reports from Hugo Steinhaus Center, Wroclaw University of Science and Technology Abstract: In this paper we apply a new approach to build bidding strategies for power suppliers on electricity market and assume that each supplier’s bid is a linear function. Moreover each supplier tends to maximise his profit and minimize his risk, which are dependent on the generation output, coefficients of bid function and cost function. Moreover, supplier’s profit is dependent on strategies of the other players. Therefore suppliers’ decisions are the subjects to expectations of the rivals’ bids and playing at electricity market is connected with the imperfect information about decisions of the rivals [1]. We extend the approach used in [4] and [7] and for some examples of load forecasting we obtain the optimal suppliers’ bids. The main results are illustrated by the numerical examples. To the analysis we use the real data from the Nord Pool power exchange. Keywords: Power market; Nord Pool power market; bidding strategy; imperfect information; load forecasting (search for similar items in EconPapers) Published in Energetyka 12/2006 (2006) 904-908. Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:wuu:wpaper:hsc0604 Access Statistics for this paper More papers in HSC Research Reports from Hugo Steinhaus Center, Wroclaw University of Science and Technology Contact information at EDIRC. |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to econpapers@oru.se.
EconPapers is hosted by the
School of Business at Örebro University.