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Multi-objective bidding strategy for GenCo using non-dominated sorting particle swarm optimisation

Weerakorn Ongsakul, Apinat Saksinchai, Chanwit Boonchuay
2011 International Journal of Applied Decision Sciences  

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This paper proposes a multi-objective bidding strategy for a generation company (GenCo) in a day-ahead uniform price spot market using non-dominated sorting particle swarm optimisation (NSPSO). NSPSO is introduced to solve the multi-objective strategic bidding problem considering expected profit maximisation and risk (profit variation) minimisation. Monte Carlo (MC) simulation is employed to simulate rivals' bidding behaviour. Test results indicate that the proposed approach can provide an
more » ... ient non-dominated solution front. In addition, it can be efficiently used as a decision-making tool for a GenCo compromising between expected profit and the risk of profit variation in a spot market.
doi:10.1504/ijads.2011.043302 fatcat:a35fc7q47jcbbh6unkrvlkfhua
Citation

Weerakorn Ongsakul, Apinat Saksinchai, Chanwit Boonchuay. "Multi-objective bidding strategy for GenCo using non-dominated sorting particle swarm optimisation." International Journal of Applied Decision Sciences 4.4 (2011) 305