Strategic Bidding for a Large Consumer

Jalal Kazempour, Antonio J. Conejo, Carlos Ruiz

Research output: Contribution to journalJournal articleResearchpeer-review

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 languageEnglish
JournalI E E E Transactions on Power Systems
Volume30
Issue number2
Pages (from-to)848-856
ISSN0885-8950
DOIs
Publication statusPublished - 2015
Externally publishedYes

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

Fingerprint

Dive into the research topics of 'Strategic Bidding for a Large Consumer'. Together they form a unique fingerprint.

Cite this