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On Multiple Criteria Decision Support for Suppliers on the Competitive Electric Power Market

Author

Listed:
  • Mariusz Kaleta
  • Włodzimierz Ogryczak
  • Eugeniusz Toczyłowski
  • Izabela Żółtowska

Abstract

As an active participant of a competitive energy market, the generator (the energy supplier) challenges new management decisions being exposed to the financial risk environment. There is a strong need for the decision support models and tools for energy market participants. This paper shows that the stochastic short-term planning model can be effectively used as a key analytical tool within the decision support process for relatively small energy suppliers (price-takers). A self-scheduling method for the thermal units on the energy market is addressed. A schedule acquired for given preferences can be used as a desired pattern for bidding process. The uncertainty of the market prices is modeled by a set of possible scenarios with assigned probabilities. Several risk criteria are introduced leading to a multiple criteria optimization problem. The risk criteria are well appealing and easily computable (by means of linear programming) but they meet the formal risk aversion standards. The aspiration/reservation based interactive analysis applied to the multiple criteria problem allows us to find an efficient solution (generation scheme) well adjusted to the generator preferences (risk attitude). Copyright Kluwer Academic Publishers 2003

Suggested Citation

  • Mariusz Kaleta & Włodzimierz Ogryczak & Eugeniusz Toczyłowski & Izabela Żółtowska, 2003. "On Multiple Criteria Decision Support for Suppliers on the Competitive Electric Power Market," Annals of Operations Research, Springer, vol. 121(1), pages 79-104, July.
    • Handle: RePEc:spr:annopr:v:121:y:2003:i:1:p:79-104:10.1023/a:1023351118725
    DOI: 10.1023/A:1023351118725
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    Cited by:

    1. Ethem Çanakoğlu & Esra Adıyeke, 2020. "Comparison of Electricity Spot Price Modelling and Risk Management Applications," Energies, MDPI, vol. 13(18), pages 1-22, September.
    2. J. Cabello & M. Luque & F. Miguel & A. Ruiz & F. Ruiz, 2014. "A multiobjective interactive approach to determine the optimal electricity mix in Andalucía (Spain)," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer;Sociedad de Estadística e Investigación Operativa, vol. 22(1), pages 109-127, April.

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