A novel approach to Optimize Bidding Strategy for Restructured Power Market using Game Theory

This paper presents an application of game theory in which analysis of power transaction in a deregulated electricity market takes place, where participants i.e., generating entities maximize profit through optimal bidding strategies. The optimal bidding strategies are estimated through optimization technique. Profits of entities are optimized with their respective updated strategy. The new proposed methodology is implemented on the 30-bus IEEE test system using MATLAB programming; in which non-cooperative market and competitions, while GENCOs optimal bidding strategies are calculated. This new proposed methodology will show numerical results that has an impressive impact GENCO's profit.