Abstract
In the last decade many countries have gone through liberalisation of their electricity industries. In many instances this has seen a move towards increased competition with market forces left to determine price. The resultant changes to market structure affect both electricity market participation and the operation of the power systems requiring a whole range of new issues to be addressed. This paper proposes an electricity market oriented tool that creates bidding strategies in a competitive market environment by combining fuzzy logic and deterministic approaches. In this way the technical, economic and behavioural decision making process Of 2 generation based market participant is considered. The proposed model can be accommodated by both a Power Exchange and a Balancing Market The results obtained for different types of plants have been compared with actual market results for a representative Combined Cycle Gas Turbine Plant (CCGT).
Original language | English |
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Title of host publication | Probabilistic methods applied to power systems |
Subtitle of host publication | 2004 international conference on probabilistic methods applied to power systems |
Place of Publication | New York |
Publisher | IEEE |
Pages | 356-361 |
Number of pages | 7 |
ISBN (Print) | 0976131919 |
Publication status | Published - 2004 |
Event | 8th International Conference on Probabilistic Methods Applied to Power Systems - Iowa, United States Duration: 12 Sept 2004 → 16 Sept 2004 |
Conference
Conference | 8th International Conference on Probabilistic Methods Applied to Power Systems |
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Country/Territory | United States |
City | Iowa |
Period | 12/09/04 → 16/09/04 |
Keywords
- electricity market strategy
- characterisation
- fuzzy logic
- application
- power plants
- decision making
- electricity supply industry
- environmental economics
- power generation
- power markets
- power system economics
- turbines