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This paper introduces a stochastic programming model that integrates strategic bids or offers for electricity (in quantities and prices) in a deregulated electricity market. The model is designed to maximize the profits of a producer of electricity who manages a series of power plants along a river. The model is compared with a previously reported stochastic model where the bidding process is disregarded. The superiority of the new model is empirically demonstrated on historical data.
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Ladurantaye et al. (2007) studied this question.
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