In this research, a bidding problem for a wind-power plant participating in a day-ahead power market with uncertain correlated market prices is studied. A new robust optimization approach considering correlation among uncertainty on the hourly prices in a day-ahead market is developed. This results in solutions with lower level of over-conservatism. For this purpose a new correlated polyhedral uncertainty set is introduced. To consider the uncertainty of market clearing prices and the value of power produced by wind power producer a bidding algorithm is developed. Results of the study using a robust modelling the bidding problem reveal that the appliance of the proposed model on the bidding problem for a price-taker wind power plant in a day-ahead market with uncertain correlated data leads to solutions with superior performance than that of the conventional polyhedral uncertainty sets.
Daneshvari,H and Shafaei,R . (2025). A New Robust Bidding Approach for Wind Power Producers Participating in Competitive Power Markets with Correlated Market Prices. (e24060). Scientia Iranica, (), e24060 doi: 10.24200/sci.2022.57750.5400
MLA
Daneshvari,H , and Shafaei,R . "A New Robust Bidding Approach for Wind Power Producers Participating in Competitive Power Markets with Correlated Market Prices" .e24060 , Scientia Iranica, , , 2025, e24060. doi: 10.24200/sci.2022.57750.5400
HARVARD
Daneshvari H, Shafaei R. (2025). 'A New Robust Bidding Approach for Wind Power Producers Participating in Competitive Power Markets with Correlated Market Prices', Scientia Iranica, (), e24060. doi: 10.24200/sci.2022.57750.5400
CHICAGO
H Daneshvari and R Shafaei, "A New Robust Bidding Approach for Wind Power Producers Participating in Competitive Power Markets with Correlated Market Prices," Scientia Iranica, (2025): e24060, doi: 10.24200/sci.2022.57750.5400
VANCOUVER
Daneshvari H, Shafaei R. A New Robust Bidding Approach for Wind Power Producers Participating in Competitive Power Markets with Correlated Market Prices. Scientia Iranica. 2025;():e24060. doi: 10.24200/sci.2022.57750.5400
