Abstract
The smart grid technology enables an increasing level of responsiveness on the demand side, facilitating demand serving entities-large consumers and retailers-to procure their electricity needs under the best conditions. Such entities generally exhibit a proactive role in the pool, seeking to procure their energy needs at minimum cost. Within this framework, we propose a mathematical model to help large consumers to derive bidding strategies to alter pool prices to their own benefit. Representing the uncertainty involved, we develop a stochastic complementarity model to derive bidding curves, and show the advantages of such bidding scheme with respect to non-strategic ones.
| Original language | English |
|---|---|
| Journal | IEEE Transactions on Power Systems |
| Volume | 30 |
| Issue number | 2 |
| Pages (from-to) | 848-856 |
| ISSN | 0885-8950 |
| DOIs | |
| Publication status | Published - 2015 |
| Externally published | Yes |
Keywords
- Electrical and Electronic Engineering
- Energy Engineering and Power Technology
- Large consumer
- mathematical program with equilibrium constraints (MPEC)
- strategic bidding
- uncertainty
- Electric power transmission networks
- Lakes
- Smart power grids
- Stochastic systems
- Bidding scheme
- Bidding strategy
- Complementarity models
- Large consumers
- Mathematical program with equilibrium constraints
- Smart Grid technologies
- Strategic bidding
- Stochastic models
- pricing
- demand side management
- power markets
- bidding curves
- smart grid technology
- demand side responsiveness
- demand serving entities
- electricity needs
- proactive role
- energy needs
- mathematical model
- pool prices
- stochastic complementarity model
- Uncertainty
- Indexes
- Mathematical model
- Electricity supply industry
- Electricity
- Stochastic processes
- Production
- ENGINEERING,
- DEMAND-SIDE
- ELECTRICITY MARKETS
- MANAGEMENT
- ELASTICITY
- PRICES
- Power system management, operation and economics
