| Title |
A Study on the Supplier's Bidding Strategy Including Operating Reserve in an Electricity Market |
| Authors |
이광호(Lee Kwang-Ho) ; 신재홍(Shin Jae-Hong) |
| Abstract |
In an electricity market with an imperfect competition, participants make plans of bidding and transaction strategies to maximize their own profits. The market price and the quantity are concerned with the operation reserve as well as the bidding system and demand curves in an electricity market. This paper presents a market model combined by an energy market and an operating reserve market. The competition of the generation producers in the combined market is formulated as a gaming of selecting bid parameters such as intersections and slopes in bid functions. The Nash Equilibrium(NE) is analyzed by using a hi-level optimization; maximization of Social Welfare(SW) and maximization of the producers' profits. |