With the deregulation of electric power systems, market participants are facing an important task of bidding energy to an independent system operator (ISO). This paper presents a model and a method for optimization-based bidding and self-scheduling where a utility bids part of its energy and self-schedules the rest as in New England. The model considers ISO bid selections and uncertain bidding information of other market participants. With appropriately simplified bidding and ISO models, closed-form ISO solutions are first obtained. These solutions are then plugged into the utility's bidding and self-scheduling model which is solved by using Lagrangian relaxation. Testing results show that the method effectively solves the problem with reasonable amount of CPU time.
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