A New Robust Bidding Approach for Wind Power Producers Participating in Competitive Power Markets with Correlated Market Prices

Articles in Press

Document Type : Research Article

Authors

Department of Industrial Engineering, K.N.Toosi University of Technology

Abstract

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.

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Scientia Iranica

Articles in Press, Corrected Proof
Available Online from 23 November 2025

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History

  • Receive Date: 18 April 2021
  • Revise Date: 31 October 2021
  • Accept Date: 23 May 2022

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