PowerPoint Presentation

December 2004

42

R. Rajaraman. “Optimal Bidding Strategies in Electricity Markets”

States and State Transitions (2)

DOWN

7

DOWN

2

DOWN

1

TRAN

1

TRAN

2

TRAN

5

UP

1

2

UP

2

2

UP

1

1

TRAN

3

TRAN

4

UP

1

3

UP

2

3

DOWN

3

DOWN

4

DOWN

5

DOWN

6

DOWN

7

DOWN

2

DOWN

1

TRAN

1

TRAN

2

TRAN

5

UP

1

2

UP

2

2

UP

1

1

TRAN

3

TRAN

4

UP

1

3

UP

2

3

DOWN

3

DOWN

4

DOWN

5

DOWN

6

Time t

Time t+1

Time t+1

Time t

Models
ramp rates

Models

startup time

Models

standby &

shutdown states