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Article: Impact of electricity price forecasting errors on bidding: A price-taker’s perspective

TitleImpact of electricity price forecasting errors on bidding: A price-taker’s perspective
Authors
Issue Date2020
Citation
IET Generation, Transmission and Distribution, 2020, v. 14, n. 25, p. 6259-6266 How to Cite?
AbstractElectricity price forecasting is very important for market participants in a deregulated market. However, only a few papers investigated the impact of forecasting errors on the market participants’ behaviours and revenues. In this study, a general formulation of bidding in the electricity market is considered and the participant is assumed to be a price-taker which is general for most of the participants in power markets. A numerical method for quantifying the impact of forecasting errors on the bidding curves and revenues based on multiparametric linear programming is proposed. The forecasted prices are regarded as exogenous parameters for both deterministic and stochastic bidding models. Compared with the existing method, the proposed method can calculate how much improvement will be achieved in the cost or revenue of the bidder if he reduces the price forecasting error level, and such calculation does not require any predefined forecasting results. Numerical results and discussions based on real-market price data are conducted to show the application of the proposed method.
Persistent Identifierhttp://hdl.handle.net/10722/308843
ISSN
2023 Impact Factor: 2.0
2023 SCImago Journal Rankings: 0.787
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorZheng, Kedi-
dc.contributor.authorWen, Bojian-
dc.contributor.authorWang, Yi-
dc.contributor.authorChen, Qixin-
dc.date.accessioned2021-12-08T07:50:15Z-
dc.date.available2021-12-08T07:50:15Z-
dc.date.issued2020-
dc.identifier.citationIET Generation, Transmission and Distribution, 2020, v. 14, n. 25, p. 6259-6266-
dc.identifier.issn1751-8687-
dc.identifier.urihttp://hdl.handle.net/10722/308843-
dc.description.abstractElectricity price forecasting is very important for market participants in a deregulated market. However, only a few papers investigated the impact of forecasting errors on the market participants’ behaviours and revenues. In this study, a general formulation of bidding in the electricity market is considered and the participant is assumed to be a price-taker which is general for most of the participants in power markets. A numerical method for quantifying the impact of forecasting errors on the bidding curves and revenues based on multiparametric linear programming is proposed. The forecasted prices are regarded as exogenous parameters for both deterministic and stochastic bidding models. Compared with the existing method, the proposed method can calculate how much improvement will be achieved in the cost or revenue of the bidder if he reduces the price forecasting error level, and such calculation does not require any predefined forecasting results. Numerical results and discussions based on real-market price data are conducted to show the application of the proposed method.-
dc.languageeng-
dc.relation.ispartofIET Generation, Transmission and Distribution-
dc.titleImpact of electricity price forecasting errors on bidding: A price-taker’s perspective-
dc.typeArticle-
dc.description.naturelink_to_OA_fulltext-
dc.identifier.doi10.1049/iet-gtd.2020.1188-
dc.identifier.scopuseid_2-s2.0-85101212899-
dc.identifier.volume14-
dc.identifier.issue25-
dc.identifier.spage6259-
dc.identifier.epage6266-
dc.identifier.eissn1751-8695-
dc.identifier.isiWOS:000619633900022-

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