Naslov
Market Power of Coordinated Hydro-Wind Joint Bidding: Croatian Power System Case Study

Autori
Ilak, Perica ; Kuzle, Igor ; Herenčić, Lin ; Đaković, Josip ; Rajšl, Ivan

Izvornik
Journal of Modern Power Systems and Clean Energy (2196-5625) 10 (2022), 2; 531-541

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
asymmetric firms ; bidding strategy ; coordination ; hydro-wind ; hydropower ; imperfect competition market power ; non-cooperative game ; optimal bidding strategies ; supply function equilibrium ; wind power

Sažetak
The paper analyses the coordinated hydro and wind power generation considering joint bidding in the electricity market. The impact of mutual bidding strategies on market prices, traded volumes, and revenues have been quantified. The coordination assumes that hydro generation is scheduled mainly to compensate differences between actual and planned wind power outputs. This coordination has exceptional potential to achieve market power and utilization of this market power is explored here. The market equilibrium of asymmetric generation companies is analyzed using a game theory approach. The assumed market situation is imperfect competition and noncooperative game. A numerical approximation of the asymmetric supply function equilibrium is used to model this game. An introduced novelty is the application of an asymmetric supply function equilibrium approximation for coordinated hydro-wind generation. The model was tested using real input data from the Croatian power system.

Izvorni jezik
Engleski

Znanstvena područja
Elektrotehnika

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