A stochastic programming model for the optimal electricity market bid problem with bilateral contracts for thermal and combined cycle units
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This paper developed a stochastic programming model that integrated the most recent regula- tion rules of the Spanish peninsular system for bilateral contracts in the day-ahead optimal bid problem. Our model allows a price-taker generation company to decide the unit commitment of the thermal and combined cycle programming units, the economic dispatch of the bilat- eral contracts between all the programming units and the optimal sale bid by observing the Spanish peninsular regulation. The model was solved using real data of a typical generation company and a set of scenarios for the Spanish market price. The results are reported and analyzed.