An Opposition Theory inspired BAT Algorithm(OTIBA) for profit maximization of GENCOs in Day-ahead Power Market

Pooja Jain, Akash Saxena, Rajesh Kumar

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

1 Citation (Scopus)

Abstract

Energy market is the place where power producers can sell the energy to the consumers. To do so, they require prior information of rival bidding behaviors to achieve higher profit. Many times, company has to frame a policy regarding fixation of bid price to gain more profits in the dynamically changing electricity markets. Uncertainty modelling of rival generating company behavior, anticipating of market clearing mechanism and employment of revenue maximizing tool are some promising research potentials. An application of opposition theory inspired bat algorithm for designing intelligent bidding simulator is presented in this paper. The proposed simulator is employed by a generating company that bids in dynamic energy market for seeking profit enhancing prepositions. A Monte Carlo (MC) simulation based strategy is employed to handle uncertainty in energy bids of rivals. A method with amalgamation Opposition Theory Inspired Bat Algorithm (OTIBA) and Monte Carlo simulation is explained in lucid manner. The explained methodology is tested over two different test power systems. Different analyses are conducted to express the positive implications of this approach. Analyses reveal that applied method can be a proven tool for maximizing the profit prepositions of a generating company.

Original languageEnglish
Title of host publicationProceedings of 2021 IEEE 2nd International Conference on Smart Technologies for Power, Energy and Control, STPEC 2021
PublisherInstitute of Electrical and Electronics Engineers Inc.
ISBN (Electronic)9781665443197
DOIs
Publication statusPublished - 2021
Externally publishedYes
Event2nd IEEE International Conference on Smart Technologies for Power, Energy and Control, STPEC 2021 - Bilaspur, India
Duration: 19 Dec 202122 Dec 2021

Publication series

NameProceedings of 2021 IEEE 2nd International Conference on Smart Technologies for Power, Energy and Control, STPEC 2021

Conference

Conference2nd IEEE International Conference on Smart Technologies for Power, Energy and Control, STPEC 2021
Country/TerritoryIndia
CityBilaspur
Period19/12/2122/12/21

Keywords

  • BA
  • MCP
  • OTIBA
  • Strategic Bidding

ASJC Scopus subject areas

  • Artificial Intelligence
  • Computer Science Applications
  • Energy Engineering and Power Technology
  • Control and Optimization

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