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Strategic bidding under uncertainty: A binary expansion approach

Publication ,  Journal Article
Pereira, MV; Granville, S; Fampa, MHC; Dix, R; Barroso, LA
Published in: IEEE Transactions on Power Systems
February 1, 2005

This work presents a binary expansion (BE) solution approach to the problem of strategic bidding under uncertainty in short-term electricity markets. The BE scheme is used to transform the products of variables in the nonlinear bidding problem into a mixed integer linear programming formulation, which can be solved by commercially available computational systems. The BE scheme is applicable to pure price, pure quantity, or joint price/quantity bidding models. It is also possible to represent transmission networks, uncertainties (scenarios for price, quantity, plant availability, and load), financial instruments, capacity reinforcement decisions, and unit commitment. The application of the methodology is illustrated in case studies, with configurations derived from the 80-GW Brazilian system. © 2005 IEEE.

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Published In

IEEE Transactions on Power Systems

DOI

ISSN

0885-8950

Publication Date

February 1, 2005

Volume

20

Issue

1

Start / End Page

180 / 188

Related Subject Headings

  • Energy
  • 4008 Electrical engineering
  • 0906 Electrical and Electronic Engineering
 

Citation

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Chicago
ICMJE
MLA
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Pereira, M. V., Granville, S., Fampa, M. H. C., Dix, R., & Barroso, L. A. (2005). Strategic bidding under uncertainty: A binary expansion approach. IEEE Transactions on Power Systems, 20(1), 180–188. https://doi.org/10.1109/TPWRS.2004.840397
Pereira, M. V., S. Granville, M. H. C. Fampa, R. Dix, and L. A. Barroso. “Strategic bidding under uncertainty: A binary expansion approach.” IEEE Transactions on Power Systems 20, no. 1 (February 1, 2005): 180–88. https://doi.org/10.1109/TPWRS.2004.840397.
Pereira MV, Granville S, Fampa MHC, Dix R, Barroso LA. Strategic bidding under uncertainty: A binary expansion approach. IEEE Transactions on Power Systems. 2005 Feb 1;20(1):180–8.
Pereira, M. V., et al. “Strategic bidding under uncertainty: A binary expansion approach.” IEEE Transactions on Power Systems, vol. 20, no. 1, Feb. 2005, pp. 180–88. Scopus, doi:10.1109/TPWRS.2004.840397.
Pereira MV, Granville S, Fampa MHC, Dix R, Barroso LA. Strategic bidding under uncertainty: A binary expansion approach. IEEE Transactions on Power Systems. 2005 Feb 1;20(1):180–188.

Published In

IEEE Transactions on Power Systems

DOI

ISSN

0885-8950

Publication Date

February 1, 2005

Volume

20

Issue

1

Start / End Page

180 / 188

Related Subject Headings

  • Energy
  • 4008 Electrical engineering
  • 0906 Electrical and Electronic Engineering