Title : ( Price-Takers’ Bidding Strategies in Joint Energy and Spinning Reserve Pay-as-Bid Markets )
Authors: Habib Rajabi Mashhadi , J. Khorasani ,
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Abstract
Strategic bidding in joint energy and spinning reserve markets is a challenging task from the viewpoint of Generation Companies (GenCos). In this paper, the interaction between energy and spinning reserve markets is modeled considering a joint probability density function for the prices of these markets. Considering pay-as-bid pricing mechanism, the bidding problem is formulated and solved as a classic optimization problem. The results show that the contribution of a GenCo in each market strongly depends on its production cost and its level of risk-aversion. Furthermore, if reserve bid acceptance is considered subjected to winning in the energy market, it can affect the strategic bidding behavior.
Keywords
, Bidding Strategy, Electricity Market, Energy Market, Spinning Reserve Market, Pay-as-Bid pricing.
@article{paperid:1035252,
author = {Rajabi Mashhadi, Habib and J. Khorasani},
title = {Price-Takers’ Bidding Strategies in Joint Energy and Spinning Reserve Pay-as-Bid Markets},
journal = {Iranian Journal of Electrical and Electronic Engineering},
year = {2013},
volume = {9},
number = {1},
month = {March},
issn = {1735-2827},
pages = {36--43},
numpages = {7},
keywords = {Bidding Strategy; Electricity Market; Energy Market; Spinning Reserve
Market; Pay-as-Bid pricing.},
}
%0 Journal Article
%T Price-Takers’ Bidding Strategies in Joint Energy and Spinning Reserve Pay-as-Bid Markets
%A Rajabi Mashhadi, Habib
%A J. Khorasani
%J Iranian Journal of Electrical and Electronic Engineering
%@ 1735-2827
%D 2013
