Bidding Strategy Optimization for Generation Companies Based on Multi-agent Reinforcement Learning Considering the Impact of Long-term Market

This paper introduces a method for optimizing bidding strategies of generation companies in long-term market and spot market, based on multi-agent reinforcement learning. This paper first proposes a mathematical model for generation companies' decision-making in long-term trading and spot market bidding, then proposes an optimization method for units' bidding strategies, and finally solves the bidding strategies optimization problem using a multi-agent reinforcement learning approach. A case study based on actual data of province A in China is provided to illustrate the relevant method. This paper optimizes the bidding strategies of various types of power units in different long-term price scenarios. The results indicate that higher long-term prices lead to a higher proportion of long-term electricity volume. This study also analyzes the profitability of generation units in the long-term market and the spot market under different scenarios.

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Published
2024-08-23
DOI
https://doi.org/10.1145/3700058.3700111
Primary Topic
Energy Load and Power Forecasting
Type
article
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Bidding Strategy Optimization for Generation Companies Based on Multi-agent Reinforcement Learning Considering the Impact of Long-term Market

Li Chang, Junjun Liu, Junxuan Zou, Lian Huang
Energy Load and Power Forecasting
article

Bidding Strategy Optimization for Generation Companies Based on Multi-agent Reinforcement Learning Considering the Impact of Long-term Market

Li Chang, Junjun Liu, Junxuan Zou, Lian Huang
article en

Abstract

This paper introduces a method for optimizing bidding strategies of generation companies in long-term market and spot market, based on multi-agent reinforcement learning. This paper first proposes a mathematical model for generation companies' decision-making in long-term trading and spot market bidding, then proposes an optimization method for units' bidding strategies, and finally solves the bidding strategies optimization problem using a multi-agent reinforcement learning approach. A case study based on actual data of province A in China is provided to illustrate the relevant method. This paper optimizes the bidding strategies of various types of power units in different long-term price scenarios. The results indicate that higher long-term prices lead to a higher proportion of long-term electricity volume. This study also analyzes the profitability of generation units in the long-term market and the spot market under different scenarios.

NARI Group (China) (CN), Huazhong University of Science and Technology (CN)
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Openalex Percentile: Top 79%
Energy Load and Power Forecasting
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Bidding Strategy Optimization for Generation Companies Based on Multi-agent Reinforcement Learning Considering the Impact of Long-term Market — Li Chang, Junjun Liu, et al. · (2024) | TGRS Research Map | TGRS