Title: Application and development of improved meta-heuristic for making profitable bidding strategy in a day-ahead energy market under step-wise bidding scenario

Authors: Pooja Jain; Akash Saxena; Rajesh Kumar

Addresses: Department of Electrical Engineering, SKIT M&G, Jagatpura, Jaipur, Rajasthan, India ' Department of Electrical Engineering, SKIT M&G, Jagatpura, Jaipur, Rajasthan, India ' Department of Electrical Engineering, MNIT, Jaipur, Rajasthan, India

Abstract: In this paper, a hybrid model of whale optimisation algorithm (WOA) and sine-cosine algorithm (SCA), i.e., HWOASCA is proposed to solve optimal bidding problem of restructured power system with the aim of profit maximisation of generating company. First, HWOASCA algorithm is validated on 22 standard benchmark functions. After getting it supremacy over benchmark functions, it is verified on bidding problem of 7 GENCO's participating in an electricity market. By suggested approach, the optimal solution for market clearing price (MCP), load dispatch and tender cost under different capacity and price blocks are calculated. After meaningful comparison from other state of the art approaches, it is observed that the profit obtained by the proposed approach is significantly higher for single-hourly and multi-hourly trading trends. The mathematical and experimental results confirm the supremacy of proposed hybrid version of algorithm which is extremely useful for framing the bidding strategies for a generation company.

Keywords: strategic bidding; HWOASCA; whale optimisation algorithm; WOA; sine cosine algorithm; SCA; market clearing price; MCP.

DOI: 10.1504/IJSI.2020.111163

International Journal of Swarm Intelligence, 2020 Vol.5 No.2, pp.209 - 243

Received: 06 Mar 2019
Accepted: 02 May 2019

Published online: 12 Nov 2020 *

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