Strategic bidding in a deregulated electricity market environment.
Date of Issue2006
School of Electrical and Electronic Engineering
Many countries worldwide have initiated the privatisation of electricity assets, the restructuring of electricity industries. The traditional vertically integrated electric utility structure has been deregulated and replaced by a competitive market scheme. This activity is called deregulation, restructuring or unbundling in different applications. The objective of this activity has been to create a competitive environment for trade in electricity that ultimately improves social welfare. In today's competitive electricity market, the formation of electricity prices is determined primarily based on auction mechanism. The market participants tender the supply bid curves for the day-ahead and hour-ahead energy markets.
Nanyang Technological University