PRICE-TAKERS’ BIDDING STRATEGIES IN JOINT ENERGY AND SPINNING RESERVE PAY-AS-BID MARKETS

摘要: Strategic bidding in joint energy and spinning reserve markets is a challenging task from the viewpoint of Generation Companies (GenCos). In this paper, interaction between modeled considering probability density function for prices these markets. Considering pay-as-bid pricing mechanism, problem formulated solved as classic optimization problem. The results show that contribution GenCo each market strongly depends on its production cost level risk-aversion. Furthermore, if bid acceptance considered subjected to winning market, it can affect strategic behavior.