Strategic Bidding In Daem Using Mlnb Programming Based On Gwo Technique
Now a days the generating companies across the globe face the acute problem of maximizing their own profit while selling power to the market operator. The technique to be adopted for this purpose is called strategic bidding. In a market of competition, which is also known as the Day Ahead Electricity Market, winning the auction by completely or partially selling the demanded power in a particular hour is important as the profit maximization is the sole objective of the market players. In this paper, for overcoming the problem of strategic bidding of the generating companies, an efficient optimization technique is adopted known as Grey Wolf Optimization method of optimization. The theory of programming which is expressed in terms of a leader and a number of followers known as MLNB method has been implemented. Mathematical Models of the CEM are expressed as the problem statements of the respective objective functions to be solved by the suggested optimizing algorithms. Out of which one is for the generating companies to bid optimally and the other is for the market operator for reducing the power purchase fare on behalf of the consumers while motivating the companies which are generating to bid as low as possible. When tested on IEEE-30 Bus system, the novel method proposed performs much better compared to the previous results obtained using the conventional PSO technique.