A market framework for energy bidding decision-making strategy to provide a competitive mechanism in the context of deregulated electricity market

Haidar, Ahmed M. A. and Carmen, Lai and Muttaqi, Kashem M. (2021) A market framework for energy bidding decision-making strategy to provide a competitive mechanism in the context of deregulated electricity market. In: IEEE 4th International Conference on Computing, Power and Communication Technologies (GUCON 2021), 24 Sept - 26 Sept 2021, Kuala Lumpur, Malaysia.


Abstract

In the modern power grid operation, the regulatory goal of the market is to provide continuous electricity supply to the customers with reasonable energy prices. The current structure of the energy market in Malaysia follows the single buyer market model, where the generation is procured solely by a single utility with limited competition, which is not effective in lowering electricity prices. This paper proposes a market framework for competitive strategies to achieve maximum benefits of the power grid in Sarawak, Malaysia while the optimal bidding in the day-ahead market is assessed. Game theory with the non-cooperative scheme is applied for the electricity market comprising various participants. The performance of the proposed approach is evaluated using a practical power grid with data of the electricity market obtained from available sources. The feasibility of electricity market deregulation in Sarawak is proven to be effective, as the proposed framework can provide insight into the generated revenue of energy producers in a fair and competitive market environment.


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Item Type: Conference or Workshop Item (Commonwealth Reporting Category E) (Paper)
Refereed: Yes
Item Status: Live Archive
Additional Information: Paper #53. Permanent restricted access to Published version + Front Matter, in accordance with the copyright policy of the publisher.
Faculty/School / Institute/Centre: Historic - Faculty of Health, Engineering and Sciences - School of Mechanical and Electrical Engineering (1 Jul 2013 - 31 Dec 2021)
Faculty/School / Institute/Centre: Historic - Faculty of Health, Engineering and Sciences - School of Mechanical and Electrical Engineering (1 Jul 2013 - 31 Dec 2021)
Date Deposited: 11 Jan 2022 05:57
Last Modified: 09 Mar 2022 05:31
Uncontrolled Keywords: electricity market, bidding optimization, energy monopolies, restructuring of power industry
Fields of Research (2008): 14 Economics > 1499 Other Economics > 149999 Economics not elsewhere classified
09 Engineering > 0906 Electrical and Electronic Engineering > 090607 Power and Energy Systems Engineering (excl. Renewable Power)
09 Engineering > 0906 Electrical and Electronic Engineering > 090699 Electrical and Electronic Engineering not elsewhere classified
Fields of Research (2020): 40 ENGINEERING > 4008 Electrical engineering > 400803 Electrical energy generation (incl. renewables, excl. photovoltaics)
Socio-Economic Objectives (2008): B Economic Development > 85 Energy > 8599 Other Energy > 859999 Energy not elsewhere classified
Socio-Economic Objectives (2020): 17 ENERGY > 1799 Other energy > 179999 Other energy not elsewhere classified
Identification Number or DOI: https://doi.org/10.1109/GUCON50781.2021.9574039
URI: http://eprints.usq.edu.au/id/eprint/44177

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