Optimal offer construction in electricity markets

Optimal offer construction in electricity markets

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Article ID: iaor200441
Country: United States
Volume: 27
Issue: 1
Start Page Number: 82
End Page Number: 100
Publication Date: Feb 2002
Journal: Mathematics of Operations Research
Authors: ,
Keywords: energy
Abstract:

In this paper we study strategies for generators making offers into electricity markets in circumstances where both the demand for electricity and the behaviour of competing generators is unknown but can be represented by a probability distribution. Given this probability distribution, we derive necessary optimality conditions for a broad class of supply offer curves. We show how these conditions can be used to construct an optimal solution for a simple example. We also consider the case in which a generator is restricted in the number of prices at which power can be offered.

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