A. Debs, C. Hansen, Y.-C. Wu, P. Hirsch, and L. Szot (USA)
Standard Market Design (SMD), Locational MarginalPricing (LMP), Congestion Management (CM), Intelligent Agents (IA), Unit Commitment (UC).
In developing the GENCO bidding strategy model considerations are made to meet the following goals:The Short-Term Electricity Market Simulator (STEMS) is developed for variety of users including generating companies (GENCO's) [1], for training, market monitoring, bidding strategy development and studies. GENCO bidding strategies are modeled with a focus on FERC's (1) Standard Market Design (SMD). The bidding strategy model considers a mix of rational business goals with an eye on learning from experience. An "intelligent agent" approach is employed, although the implementation uses standard programming languages. The bidding model design considers the product mix traded by the GENCO, the information available (privately and publicly), and the applicable market rules. The concepts are illustrated by examples.
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