A New Reconfigured Electricity Market Bidding Strategy in view of Players' Concerns

O. Abedinia, A. Ghasemi-Marzbali, V. Nurmanova, M. Bagheri

Research output: Contribution to journalArticlepeer-review

13 Citations (Scopus)

Abstract

The electricity market has become a competitive model due to generation, transmission, distribution and large-scale investments in microgrids where no electricity supplier intends to set the price. However, the competition itself provides opportunities for the buyer to be able to experience more profit. Based on the available optimal bidding model, the supplier can only offer the final bid. Hence, active participation on the demand side creates an efficient and reasonable electricity market, and also promotes additional optimal allocation of economic resources. This study has concentrated over the final marginal bidding price and creating an optimal bidding strategy for consumers. It has specifically focused and proposed a new optimized model for electricity market bidding to improve and obtain a maximum turnover and profit for players. Since the solution of the aforementioned issue is inadequate due to multiple decision variables in mathematical and classical methods; a new enhanced Harris Hawks Optimization (HHO) is proposed. Trapping into local optimum point can be occurred in different optimization algorithms, while the proposed model has simple and efficient structure, without derivative operator which is integrated with mathematical techniques to increase local and global search abilities. The standard HHO algorithm is utilized to increase the probability of entrapment in local optima through increasing the number of optimization variables; however, the challenge of large number of variables is resolved through proposing a novel local/global operators. The proposed model is examined with a standard IEEE system in 2-scenarios, with symmetric and asymmetric information through finding the optimal solution desirably.

Original languageEnglish
Pages (from-to)1-11
Number of pages11
JournalIEEE Transactions on Industry Applications
DOIs
Publication statusAccepted/In press - 2022

Keywords

  • Auction bidding optimization
  • Companies
  • Competitive electricity market
  • Costs
  • Electricity bidding strategy, Electricity market, Harris Hawks optimization algorithm
  • Electricity supply industry
  • Investment
  • Optimization
  • Production
  • Uncertainty

ASJC Scopus subject areas

  • Control and Systems Engineering
  • Industrial and Manufacturing Engineering
  • Electrical and Electronic Engineering

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