IGDT based Genco's trading decision making in multimarket environment

Parul Mathuria, Rohit Bhakar

Research output: Chapter in Book/Report/Conference proceedingConference contribution

2 Citations (Scopus)
121 Downloads (Pure)

Abstract

Fossil fuel gencos are subject to influence of multiple uncertain but interactive energy and emission markets. It procures production resources from fuel and emission market and sells its generation through multiple contracts in electricity market. With increasing volatility and unpredictability in energy markets, a genco needs to make prudent decision to manage its trading in all involved markets, to guarantee minimum profit. Considering the existing market uncertainties and associated information gap, this paper proposes a robust decision making approach for gencos trading portfolio selection in all three involved markets, based on Information Gap Decision Theory (IGDT). Results from a realistic case study provides a range of decisions for a risk averse genco, appropriate to its nature, and based on the trade-off existing between robustness and targeted profit.

Original languageEnglish
Title of host publicationPES General Meeting/Conference & Exposition, 2014 IEEE
PublisherIEEE
DOIs
Publication statusPublished - 29 Oct 2014
EventPES General Meeting/ Conference & Exposition, 2014 IEEE - National Harbor, USA United States
Duration: 27 Jul 201431 Jul 2014

Conference

ConferencePES General Meeting/ Conference & Exposition, 2014 IEEE
CountryUSA United States
CityNational Harbor
Period27/07/1431/07/14

Keywords

  • Electricity price uncertainty
  • emission price uncertainty
  • fuel price uncertainty
  • information gap decision theory
  • portfolio optimization

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  • Cite this

    Mathuria, P., & Bhakar, R. (2014). IGDT based Genco's trading decision making in multimarket environment. In PES General Meeting/Conference & Exposition, 2014 IEEE IEEE. https://doi.org/10.1109/PESGM.2014.6939304