A market framework for energy bidding decision-making strategy to provide a competitive mechanism in the context of deregulated electricity market
Paper
Paper/Presentation Title | A market framework for energy bidding decision-making strategy to provide a competitive mechanism in the context of deregulated electricity market |
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Presentation Type | Paper |
Authors | Haidar, Ahmed M. A. (Author), Carmen, Lai (Author) and Muttaqi, Kashem M. (Author) |
Journal or Proceedings Title | Proceedings of the IEEE 4th International Conference on Computing, Power and Communication Technologies (GUCON 2021) |
Number of Pages | 7 |
Year | 2021 |
Place of Publication | United States |
ISBN | 9781728199528 |
9781728199511 | |
Digital Object Identifier (DOI) | https://doi.org/10.1109/GUCON50781.2021.9574039 |
Web Address (URL) of Paper | https://ieeexplore.ieee.org/document/9574039 |
Conference/Event | IEEE 4th International Conference on Computing, Power and Communication Technologies (GUCON 2021) |
Event Details | IEEE 4th International Conference on Computing, Power and Communication Technologies (GUCON 2021) Event Location Kuala Lumpur, Malaysia |
Abstract | In the modern power grid operation, the regulatory goal of the market is to provide continuous electricity supply to the customers with reasonable energy prices. The current structure of the energy market in Malaysia follows the single buyer market model, where the generation is procured solely by a single utility with limited competition, which is not effective in lowering electricity prices. This paper proposes a market framework for competitive strategies to achieve maximum benefits of the power grid in Sarawak, Malaysia while the optimal bidding in the day-ahead market is assessed. Game theory with the non-cooperative scheme is applied for the electricity market comprising various participants. The performance of the proposed approach is evaluated using a practical power grid with data of the electricity market obtained from available sources. The feasibility of electricity market deregulation in Sarawak is proven to be effective, as the proposed framework can provide insight into the generated revenue of energy producers in a fair and competitive market environment. |
Keywords | electricity market, bidding optimization, energy monopolies, restructuring of power industry |
ANZSRC Field of Research 2020 | 400803. Electrical energy generation (incl. renewables, excl. photovoltaics) |
Public Notes | Paper #53. Permanent restricted access to Published version + Front Matter, in accordance with the copyright policy of the publisher. |
Byline Affiliations | School of Mechanical and Electrical Engineering |
University of Malaysia, Sarawak, Malaysia | |
University of Wollongong | |
Institution of Origin | University of Southern Queensland |
https://research.usq.edu.au/item/q6vzy/a-market-framework-for-energy-bidding-decision-making-strategy-to-provide-a-competitive-mechanism-in-the-context-of-deregulated-electricity-market
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