Coordinated Bidding Strategy of an Integrated Wind-Thermal-Solar System using Cooperative Game Theory

Abstract

An increase in the global awareness of climate change and the need for mitigating carbon footprints has resulted in a massive increase in the deployment of renewable energy sources (RESs). RESs such as wind and solar have a considerable market share and have established themselves as a viable clean energy alternative. This article proposes an integrated bidding strategy for a wind-thermal-solar (WTS) system partaking in day-ahead (DA) and balancing market (BM) using the cooperative game theory approach. The proposed framework includes DA and BM clearing with the objective of maximizing the coalition’s profit. Wind and solar power producers enhance their revenues by determining the optimal amount of bids to be offered in the DA market. A test system with 10 thermal power producers and 2 units of wind and solar each are considered to validate the effectiveness of the proposed model.