A New Bidding Strategy for Power Plants Based on Chance-constrained Programming
Xichui Liu · Proceedings of the CSEE · 2006
This paper presented a new bidding strategy with risk management for power plants based on chance-constrained programming. We constructed a decision-making model with stochastic constraint and employ genetic algorithm based on stochastic simulation techniques to solve it. By this method, the two decision variables of bidding price and output can be optimized at the same time. Its another advantage is that the two conflicting targets of profit and risk can be coordinated better. Finally, a numerical example was given to illustrate the validity of the method proposed.