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Coordinated bidding strategy in synchronized electricity and natural gas markets

With the growing installation of natural gas fired power plants (NGFPPs), more and more generation companies are engaging in both electricity and natural gas markets as big players simultaneously. Recognizing the inefficiencies caused by scheduling discontinuities between the two markets, studies on the improvement of the living natural gas market are emerging. This paper presents a bi-level bidding strategy for generation companies while considering a possible scenario of synchronized electricity and natural gas markets. Instead of only aligning the day-ahead timing, a market clearing mechanism analogized from the electricity market is also applied to an intraday natural gas market with corresponding locational marginal price formulation. The upper level problem maximizes the generation company's profit, while the two lower level problems maximize the social welfare of both markets. The bi-level model is reformulated to a mathematical program with equilibrium constraints, and then linearized. Case study on a simple coupled network investigates the feasibility of the proposed strategy. Finally, some suggestions are made for further research on the intersection of electricity and natural gas markets.