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Financial transmission right (FTR) is an important tool and an especiallyfeature for stopping congestion charges in restructured electricity markets.Participants in the transmission market as players are assumed to be ageneration company (Gencos) which also take part in an energy market and ableto buy their require FTRs. In this regard, there are two types of FTR:obligation or option. There are three main questions which immediately arisefor each player who is placed in the market. First, which type of FTR is thebest choice second, how much power is needed to generate by each player andthird, how bid prices should be offered. Deciding on these trade-offs isdifficult and requires definition of special matrices to measure risk in eachpossible condition in the transmission market. These matrices include:possibility of flow direction alteration, probable forward and reverse powerflow on each line, maximum and minimum offering FTRs and the worst condition ofload variation which influence on each players decision. Based on thesematrices, players try to maximize their expected payoffs by taking into accountthe associated risks. Supposing these matrices are known to respective players,the FTR bidding problem is modeled as a bi-level optimization based on the Nashequilibrium game theory with the upper sub-problem representing player profitmaximization and the lower sub-problem representing the optimal solution to themarket clearing. An eight-bus system with six players is simulated to verifythe proposed method and the obtained results are illustrated the complexinteraction between FTR obligation and FTR option bidding strategies.Furthermore, the results are demonstrated to be consistent between the impactsof FTR type, forecast bid offer of the other players and players preferred risklevels on FTR bidding strategies.

A New Method To Find The Nash Equilibrium Point in Financial Transmission Rights Bidding Problem