Strategic Bidding of Retailers in Wholesale Markets: Continuous Intraday Markets and Hybrid Forecast Methods
The deregulation process of the electricity sector has led to competition in wholesale and retail markets. In particular, retailers submit bids to wholesale markets to satisfy the energy needs associated with portfolios of end-use customers. This paper describes a strategic process for retailers bidding in a wholesale market composed of a day-ahead market, an intraday market, and a balancing market. It considers a market design that involves a hybrid model for the intraday market, based on daily auctions and a continuous procedure. The paper also presents a computational study to illustrate and test both the market design and the strategic bidding process of retailers. The results confirm the advantages of considering a continuous intraday market, show that bidding in short-term markets is more beneficial than bidding in medium-term markets, and indicate important aspects to consider when selecting customers to add to the portfolios of retailers..
| Medienart: |
E-Artikel |
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| Erscheinungsjahr: |
2023 |
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| Erschienen: |
2023 |
| Enthalten in: |
Zur Gesamtaufnahme - volume:23 |
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| Enthalten in: |
Sensors - 23(2023), 3, p 1681 |
| Sprache: |
Englisch |
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| Beteiligte Personen: |
Hugo Algarvio [VerfasserIn] |
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| Links: |
doi.org [kostenfrei] |
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| Themen: |
Chemical technology |
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| doi: |
10.3390/s23031681 |
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| funding: |
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| Förderinstitution / Projekttitel: |
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| PPN (Katalog-ID): |
DOAJ080589871 |
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| 520 | |a The deregulation process of the electricity sector has led to competition in wholesale and retail markets. In particular, retailers submit bids to wholesale markets to satisfy the energy needs associated with portfolios of end-use customers. This paper describes a strategic process for retailers bidding in a wholesale market composed of a day-ahead market, an intraday market, and a balancing market. It considers a market design that involves a hybrid model for the intraday market, based on daily auctions and a continuous procedure. The paper also presents a computational study to illustrate and test both the market design and the strategic bidding process of retailers. The results confirm the advantages of considering a continuous intraday market, show that bidding in short-term markets is more beneficial than bidding in medium-term markets, and indicate important aspects to consider when selecting customers to add to the portfolios of retailers. | ||
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