An environmental/techno-economic approach for bidding strategy in security-constrained electricity markets by a bi-level harmony search algorithm

In this paper, a new approach is presented for developing optimal double-sided bidding strategy in security-constrained electricity markets by considering emission of pollutants, as further objectives. In the proposed methodology, both Generation Companies (GenCos) and Distribution Companies (DisCos...

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Veröffentlicht in:Renewable energy Jg. 83; S. 881 - 896
Hauptverfasser: Shivaie, Mojtaba, Ameli, Mohammad T.
Format: Journal Article
Sprache:Englisch
Veröffentlicht: Elsevier Ltd 01.11.2015
Schlagworte:
algorithms
business enterprises
Community Welfare Function (CWF)
Distribution Companies (DisCos)
Double-sided bidding strategy
electricity
Generation Companies (GenCos)
markets
Nash equilibrium
pollutants
prices
profitability
renewable energy sources
Self-adaptive Global-based Harmony Search Algorithm (SGHSA)
system optimization
Community Welfare Function (CWF)
Nash equilibrium
Self-adaptive Global-based Harmony Search Algorithm (SGHSA)
Generation Companies (GenCos)
Distribution Companies (DisCos)
Double-sided bidding strategy
ISSN:0960-1481, 1879-0682
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Zusammenfassung:In this paper, a new approach is presented for developing optimal double-sided bidding strategy in security-constrained electricity markets by considering emission of pollutants, as further objectives. In the proposed methodology, both Generation Companies (GenCos) and Distribution Companies (DisCos) try to maximize their profit by implementation of optimal strategies, whiles they have incomplete information about their rivals and market mechanism of payment is locational marginal pricing. In addition, each participant provides its strategic bids based on supply function equilibrium model and it modifies its bidding strategies until Nash equilibrium points are computed. The proposed approach is modeled as a bi-level optimization problem with the upper sub problem addressing individual GenCos and DisCos and the lower sub problem addressing the Independent System Operator (ISO). The upper level maximizes the individual market participant's profit and the lower one solves the ISO's market clearing problem for maximizing Community Welfare Function (CWF). A Self-adaptive Global-based Harmony Search Algorithm (SGHSA) is used to obtain optimal bidding strategies. The proposed methodology has been implemented on the 6-machine 8-bus system test system to demonstrate the feasibility and effectiveness of the proposed approach. Simulation results illustrate the profitableness of the newly developed approach in the obtaining optimal bidding strategies. [Display omitted] •A new approach is presented to develop optimal double-sided bidding strategy.•A new framework is proposed to decrease production of atmospheric emissions.•Bi-level model is developed for double-sided security-constrained bidding strategy.•In this paper, three new algorithms HSA, IHSA and SGHSA are employed.•Results obtained by the proposed SGHSA algorithm are better than others.
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ISSN:0960-1481
1879-0682
DOI:10.1016/j.renene.2015.05.024