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Electricity market strategy characterisation with fuzzy logic : application to different types of power plants

Massucco, S. and Meini, L. and Silvestro, F. and Burt, G.M. and Galloway, S.J. and McDonald, J.R. and Siewierski, T. (2004) Electricity market strategy characterisation with fuzzy logic : application to different types of power plants. In: Probabilistic methods applied to power systems. IEEE, New York, pp. 356-361. ISBN 0976131919

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Abstract

In the last decade many countries have gone through liberalisation of their electricity industries. In many instances this has seen a move towards increased competition with market forces left to determine price. The resultant changes to market structure affect both electricity market participation and the operation of the power systems requiring a whole range of new issues to be addressed. This paper proposes an electricity market oriented tool that creates bidding strategies in a competitive market environment by combining fuzzy logic and deterministic approaches. In this way the technical, economic and behavioural decision making process Of 2 generation based market participant is considered. The proposed model can be accommodated by both a Power Exchange and a Balancing Market The results obtained for different types of plants have been compared with actual market results for a representative Combined Cycle Gas Turbine Plant (CCGT).