Optimal bidding strategy of electricity retailers using robust optimisation approach considering time‐of‐use rate demand response programs under market price uncertainties

In restructured electricity markets, the electricity retailers try to obtain the consumers' electricity demand at the minimum cost of different resources such as self‐generating facilities, bilateral contracts and pool market purchases. Hence, more attention should be paid to the demand respons...

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Bibliographic Details
Published in:	IET generation, transmission & distribution Vol. 9; no. 4; pp. 328 - 338
Main Authors:	Nojavan, Sayyad, Mohammadi‐Ivatloo, Behnam, Zare, Kazem
Format:	Journal Article
Language:	English
Published:	The Institution of Engineering and Technology 05.03.2015
Subjects:	bilateral contracts consumer electricity demand contracts decision making demand response programs DRP effect Electricity Electricity pricing electricity procurement cost reduction electricity retailers forecasted prices integer programming linear programming market price uncertainties Markets optimal bidding strategy Optimization pool market purchase pool prices Pools power markets price fluctuation Pricing procurement resource minimum cost restructured electricity markets RMILP problem robust mixed‐integer linear programming problem collection robust optimisation approach self‐generating facilities Strategy successive nested subintervals time‐based model time‐of‐use rate demand response programs total procurement cost Uncertainty uncertainty modelling
ISSN:	1751-8687, 1751-8695
Online Access:	Get full text
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