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Optimal Bidding Strategy for Power Market Based on Improved World Cup Optimization Algorithm

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Metaheuristics and Optimization in Computer and Electrical Engineering

Part of the book series: Lecture Notes in Electrical Engineering ((LNEE,volume 696))

Abstract

Power companies in the world-wide have been restructuring their electric power systems from a vertically integrated entity to a deregulated and open-market environment. In the past, electric utilities usually look for maximizing the social welfare of the system with distributional equity as their main operational criterion. The operating paradigm was based on achieving the least-cost system solution while meeting reliability and security margins. This often resulted in investments in generating capacity operating at very low capacity factors. Decommissioning of this type of generating capacity was a natural outcome when the vertically integrated utilities moved over to deregulated market operations. This paper proposes an optimizing base and load demand relative binding strategy for generating the power pricing of different units in the investigated system. Afterward, the congestion effect in this biding strategy is investigated. The described systems analysis is implemented on 5 and 9 bus systems and the optimizing technique in this issue is a new improved version of the world cup optimization algorithm. Simulation results have been compared with the standard world cup optimization algorithm. Finally, examined systems are simulated by using the Power World software. Experimental results show that the proposed technique has a good superiority compared with the world cup optimization algorithm for congestion management purposes.

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Author information

Authors and Affiliations

  1. Department of Electrical and Control Engineering, Tafresh University, 39518 79611, Tafresh, Iran

    Navid Razmjooy

  2. Department of Electronics and Communication Engineering, Angadi Institute of Technology and Management, Belgaum, India

    Anand Deshpande

  3. Young Researchers Club, Ardabil Branch, Islamic Azad University, Ardabil, Iran

    Mohsen Khalilpour

  4. Department of Telecommunications, Fluminense Federal University (UFF), Rio de Janeiro, Brazil

    Vania V. Estrela

  5. School of Electrical and Computer Engineering (FEEC), University of Campinas—UNICAMP, Av. Albert Einstein—400, Barão Geraldo, Campinas—SP, Brazil

    Reinaldo Padilha & Ana Carolina Borges Monteiro

Authors
  1. Navid Razmjooy
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  2. Anand Deshpande
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  3. Mohsen Khalilpour
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  4. Vania V. Estrela
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  5. Reinaldo Padilha
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  6. Ana Carolina Borges Monteiro
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Corresponding author

Correspondence to Navid Razmjooy .

Editor information

Editors and Affiliations

  1. Tafresh University, Tafresh, Iran

    Navid Razmjooy

  2. Department of Electrical Engineering, Islamic Azad University (IAU), Majlesi Branch, Isfahan, Iran

    Mohsen Ashourian

  3. Faculty of Engineering, University of Porto, Porto, Portugal

    Zahra Foroozandeh

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Razmjooy, N., Deshpande, A., Khalilpour, M., Estrela, V.V., Padilha, R., Monteiro, A.C.B. (2021). Optimal Bidding Strategy for Power Market Based on Improved World Cup Optimization Algorithm. In: Razmjooy, N., Ashourian, M., Foroozandeh, Z. (eds) Metaheuristics and Optimization in Computer and Electrical Engineering. Lecture Notes in Electrical Engineering, vol 696. Springer, Cham. https://doi.org/10.1007/978-3-030-56689-0_7

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  • DOI: https://doi.org/10.1007/978-3-030-56689-0_7

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-030-56688-3

  • Online ISBN: 978-3-030-56689-0

  • eBook Packages: Computer ScienceComputer Science (R0)

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