On Multiple Criteria Decision Support for Suppliers on the Competitive Electric Power Market |
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Authors: | Mariusz Kaleta W?odzimierz Ogryczak Eugeniusz Toczy?owski Izabela ?ó?towska |
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Institution: | (1) Institute of Control & Computation Engineering, Warsaw University of Technology, 00-665 Warsaw, Poland |
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Abstract: | As an active participant of a competitive energy market, the generator (the energy supplier) challenges new management decisions being exposed to the financial risk environment. There is a strong need for the decision support models and tools for energy market participants. This paper shows that the stochastic short-term planning model can be effectively used as a key analytical tool within the decision support process for relatively small energy suppliers (price-takers). A self-scheduling method for the thermal units on the energy market is addressed. A schedule acquired for given preferences can be used as a desired pattern for bidding process. The uncertainty of the market prices is modeled by a set of possible scenarios with assigned probabilities. Several risk criteria are introduced leading to a multiple criteria optimization problem. The risk criteria are well appealing and easily computable (by means of linear programming) but they meet the formal risk aversion standards. The aspiration/reservation based interactive analysis applied to the multiple criteria problem allows us to find an efficient solution (generation scheme) well adjusted to the generator preferences (risk attitude). |
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Keywords: | energy market decision support risk multiple criteria optimization short-term planning unit commitment |
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