Open AccessMCP Simulation and its Impact in Electricity Market
Author(s) -
Sumit Saroha,
Priti Prabhakar
Publication year - 2019
Publication title -
international journal of innovative technology and exploring engineering
Language(s) - English
Resource type - Journals
ISSN - 2278-3075
DOI - 10.35940/ijitee.k1752.0981119
Subject(s) - bidding , electricity market , market clearing , electricity , order (exchange) , supply and demand , demand side , work (physics) , clearing , microeconomics , point (geometry) , industrial organization , environmental economics , mains electricity , business , economics , power (physics) , engineering , electrical engineering , finance , mechanical engineering , geometry , mathematics , physics , quantum mechanics
For consumers economic point of view, competitive markets are highly required in order to meet their demands efficiently. Therefore, this work formulates bidding analysis model in order to meet the demand and supply of consumers in electricity markets in day-ahead markets. In this, single side bidding models scenario has been discussed with a constant power demand using fuel cost linear curves. The objective of singe side bidding is to find out the market clearing price (MCP) and respective generation quantity of the entire supply participants. The numerical case study has been presented with five suppliers and a fixed power demand on hourly basis up to 24 hours.