| Since 1980's when United Kingdom started the revolution of power industry, many countries in the world opened their power markets. China's power industry is undergoing restructuring too. The market reform has broken the monopoly, introduced the competition, and completely changed power plants' roles: They are no longer the pure order receivers, but the competitors in the market. They need to make decisions according to the information, and undertake the risk of their decisions. To power plants, "decision" means the bidding strategy during the competition. So how to bid is the most important factor that decides the power plants to win or lose in the competition. Also it becomes the hot topic nowadays.Now in our country, the most popular market transaction mode is the Pool market, and SMP mechanism (System marginal price) as well as PAB mechanism (pay-as-bid) is the most popular electrovalence mechanism. According to these facts, this paper studies the problem that in a pool market, power plants how to choose the optimal bidding strategies under two different electrovalence mechanisms respectively with the tool of Game Theory.Based on the detailed analysis of the competition's process, the paper introduces a pseudo-player "Nature" logically in order to change the game among many power plants into the double auction game between a power plant and Nature, then, according to the double auction game theory, establishes the models under the SMP and PAB electrovalence mechanism respectively, and uses the dichotomy to figure out the equilibrium outcomes which are the optimal strategies of power plants. The paper validates the models' feasibility by analyzing two examples.This paper is a good attempt to research the bidding strategies based on Game Theory. And the writer hopes it can provide some theoretical basis for power plants. |
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