Energy bidding in a day-ahead electricity market using fuzzy optimization

Muhammad Ijaz; Muhammad Faraz Sahito; Ali T. Al-Awami

doi:10.1109/ICIT.2015.7125450

Energy bidding in a day-ahead electricity market using fuzzy optimization

Muhammad Ijaz
, Muhammad Faraz Sahito
, Ali T. Al-Awami

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

Abstract

Optimal bidding is considered to be one of the most challenging task for energy producers to bid in a day ahead electricity market. The randomness and uncertain nature associated with the generation of stochastic resources further increase the complexity of the problem. In this paper, an optimal bidding strategy is developed for a Generation Company (GENCO) to participate in a day ahead electricity market, taking into account conventional and stochastic generation resources. GENCO tries to maximize the profit and minimize the risk associated with the uncertainty of stochastic generation and market price. An optimal bidding strategy is developed to participate in a day-ahead market to achieve GENCO owner maximized profit and reduced risk for the system operator. The problem is formulated as a fuzzy Mixed Integer Linear Programming (MILP).

Original language	English
Title of host publication	2015 IEEE International Conference on Industrial Technology, ICIT 2015
Publisher	Institute of Electrical and Electronics Engineers Inc.
Pages	2388-2393
Number of pages	6
Edition	June
ISBN (Electronic)	9781479978007
DOIs	https://doi.org/10.1109/ICIT.2015.7125450
State	Published - 16 Jun 2015

Publication series

Name	Proceedings of the IEEE International Conference on Industrial Technology
Number	June
Volume	2015-June

Bibliographical note

Publisher Copyright:
© 2015 IEEE.

Keywords

Day-Ahead Market
Energy Bidding
Fuzzy optimization
MILP
Market Price Forecast

ASJC Scopus subject areas

Computer Science Applications
Electrical and Electronic Engineering

Access to Document

10.1109/ICIT.2015.7125450

Cite this

Ijaz, M., Sahito, M. F., & Al-Awami, A. T. (2015). Energy bidding in a day-ahead electricity market using fuzzy optimization. In 2015 IEEE International Conference on Industrial Technology, ICIT 2015 (June ed., pp. 2388-2393). Article 7125450 (Proceedings of the IEEE International Conference on Industrial Technology; Vol. 2015-June, No. June). Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/ICIT.2015.7125450

Ijaz, Muhammad ; Sahito, Muhammad Faraz ; Al-Awami, Ali T. / Energy bidding in a day-ahead electricity market using fuzzy optimization. 2015 IEEE International Conference on Industrial Technology, ICIT 2015. June. ed. Institute of Electrical and Electronics Engineers Inc., 2015. pp. 2388-2393 (Proceedings of the IEEE International Conference on Industrial Technology; June).

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title = "Energy bidding in a day-ahead electricity market using fuzzy optimization",

abstract = "Optimal bidding is considered to be one of the most challenging task for energy producers to bid in a day ahead electricity market. The randomness and uncertain nature associated with the generation of stochastic resources further increase the complexity of the problem. In this paper, an optimal bidding strategy is developed for a Generation Company (GENCO) to participate in a day ahead electricity market, taking into account conventional and stochastic generation resources. GENCO tries to maximize the profit and minimize the risk associated with the uncertainty of stochastic generation and market price. An optimal bidding strategy is developed to participate in a day-ahead market to achieve GENCO owner maximized profit and reduced risk for the system operator. The problem is formulated as a fuzzy Mixed Integer Linear Programming (MILP).",

keywords = "Day-Ahead Market, Energy Bidding, Fuzzy optimization, MILP, Market Price Forecast",

author = "Muhammad Ijaz and Sahito, \{Muhammad Faraz\} and Al-Awami, \{Ali T.\}",

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language = "English",

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Ijaz, M, Sahito, MF & Al-Awami, AT 2015, Energy bidding in a day-ahead electricity market using fuzzy optimization. in 2015 IEEE International Conference on Industrial Technology, ICIT 2015. June edn, 7125450, Proceedings of the IEEE International Conference on Industrial Technology, no. June, vol. 2015-June, Institute of Electrical and Electronics Engineers Inc., pp. 2388-2393. https://doi.org/10.1109/ICIT.2015.7125450

Energy bidding in a day-ahead electricity market using fuzzy optimization. / Ijaz, Muhammad; Sahito, Muhammad Faraz; Al-Awami, Ali T.
2015 IEEE International Conference on Industrial Technology, ICIT 2015. June. ed. Institute of Electrical and Electronics Engineers Inc., 2015. p. 2388-2393 7125450 (Proceedings of the IEEE International Conference on Industrial Technology; Vol. 2015-June, No. June).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

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KW - Market Price Forecast

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Ijaz M, Sahito MF, Al-Awami AT. Energy bidding in a day-ahead electricity market using fuzzy optimization. In 2015 IEEE International Conference on Industrial Technology, ICIT 2015. June ed. Institute of Electrical and Electronics Engineers Inc. 2015. p. 2388-2393. 7125450. (Proceedings of the IEEE International Conference on Industrial Technology; June). doi: 10.1109/ICIT.2015.7125450

Energy bidding in a day-ahead electricity market using fuzzy optimization

Abstract

Publication series

Bibliographical note

Keywords

ASJC Scopus subject areas

Access to Document

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Cite this