Multi-market Bidding Model for Generation Enterprises Based on Mean-CVaR Theory

Abstract

Spot market is now under construction in China, which enriches the power trade greatly, and makes the power market tend to be multiple and diverse. When participating in the multi-market transaction, it is necessary for generation enterprises to develop a scientific strategy in order to search for profit and avoid risk. Firstly, based on the mean-CVaR theory, a multi-market competition model striking the balance between risks and benefits for generation enterprises is proposed in this paper. Then, considering the status quo and prospect of power market in China, a case of generation enterprise participating in long-term market, spot market and operating reserve market is studied with the model, Finally, the correlations between yield rate and CVaR, electricity distribution proportion are analyzed.