The electric power industry has evolved from a centralized
operation to competitive market operation. Scheduling of generators in
competitive markets depends on the market clearing which will mostly depend on
the bids by larger market participants. Small price taker Gencos cannot
influence the market clearing, and it needs a strategy in bidding so that it can
survive in the market and make a reasonable profit. It is quite important for
the Gencos to develop bidding strategies which will optimize their benefits -
maximize profits and/or minimize costs. The bidding strategy must deal with the
dual issues of: (i) being successful in the market clearing, which requires the
Genco to bid low, and (ii) ensuring a profitable operation which requires the
Genco to bid high. These two conflicting objectives have to be achieved in the
presence of widely variable market price and imprecise generation costs. This
talk will present a bidding strategy which will use the statistical behavior of
market price as well as the generation cost characteristics in order to recover
the costs and to maximize the profits. Case studies using the proposed strategy
will be presented which utilize the historical price data of Singapore market.
Speaker Biography
Govinda Bol Shrestha received B.E. (Honors) degree in Electrical
Engineering from Jadavpur University (India) in 1975, MBA from University of
Hawaii in 1985, MS in Electrical Power Engineering from Rensselaer Polytechnic
Institute, New York in 1986, and Ph.D. in Electrical Engineering from Virginia
Tech, USA in 1990. His industrial experience spans over wide ranging activities
of electric utility companies - operation and maintenance of distribution
systems, design and construction of transmission lines and substations, rural
electrification and micro grid.
He joined Nanyang Technological University, Singapore in
1992 where he is an Assoc. Professor at present. He has taught courses covering
wide ranging topics in power systems and has supervised a number of
post-graduate students. His current research interest include power system
operation and planning, power markets, Flexible AC Transmission Systems (FACTS)
and renewable/alternate energy sources. He has authored some 80 journal and
conference publications in these fields.
Dr. Shrestha has provided consulting services to power related
companies in ASEAN and has conducted numerous short-courses for training power
engineers in the region – Indonesia, Malaysia, Singapore. Dr. Shrestha is a
Senior Member of IEEE and served as the Chairperson of IEEE Power Chapter in
Singapore (1999-2001).
