Bidding Strategy in Pay-as-Bid Power Markets

M. Oloomi-Buygi and H. Nazarian (Iran)

Keywords

Bidding strategy, Payasbid electricity markets,

Abstract

In this paper a simple and efficient approach for developing bidding strategy in pay-as-bid electricity market is presented. In this method multi stairs bid is used to estimate the optimal bid. One stair is allocated to revenue earning and other stairs are allocated to information acquiring. Information acquiring stairs acquire required information from the market for estimating the optimal bid of the next day. The proposed method is applied to a specified unit in Iranian electricity market. It is shown that the total revenue of the unit will increase by thirty nine percent if the proposed method is used for bidding strategy.

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