In this paper, an innovative model for managing load demand based on the amount of power generated and market clearing predicted price, considering uncertainty parameters, is presented for non-dispatchable resources, and load demand. Furthermore, a bidding strategy based on cooperative game theory is presented by taking into account the price uncertainties for determining the players’ pay-off function. The methodology presented for determining optimal supply and consumer resource bidding strategy is affected by the pricing behavior of other players, and is also based on maximizing their profit. The proposed framework for calculating the Nash equilibrium in a structure with several players in the constrained electricity market has been presented. The proposed framework is generally implementable over different game conditions in the electricity market and is based on cooperative game among participating players in the market, with discrete bidding strategies.
|Number of pages||18|
|Journal||Computational Intelligence in Electrical Engineering|
|Publication status||Published - Aug 2016|