A new Approach to Bi Level Formulation for Price based Units Commitment – PBUC

 This paper presents a new model of GenCo strategy for bidding and optimal energy in a centralized market to achieve the greatest profit. Market problem in the modeling of this paper has been considered in a period of time, by considering uncertainties of value prediction and consumption load bidding and uncertainty for GenCo prices’ prediction. Given prediction error and Normal curve-based Monte Carlo method has been used for uncertainty modeling