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Summary
This page describes how Trader Parameters are used to allocate volume to Pricebands within each bid. Trader Parameters are not mandatory. Some are applied to limit the volume of a service that is likely to be enabled during normal market conditions whereas others allow for greater volume to be enabled under high prices and then others limit enablement when prices are expected to be very low. In effect the Trader Parameters help imitate bid structure that otherwise is typical of manual bids.
There are four trader parameters for each FCAS and one for each energy service.
Optimisation Process
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The Autobidder Solver determines the optimal mix of service volumes to be dispatched for any set of price forecasts; subject to unit and market constraints. The two key inputs into the Solver are the “Forecast RRPs (FRRP)” and available volume or volume range of each service. This volume is termed “Discretionary Volume (DV)” since it is the range of volume that the Solver has the discretion to calculate the “Optimal Volume (OV)” to be dispatched.
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Input | Acronym | L5m | L60s | L6s | Lreg | R5m | R60s | R6s | Rreg | ENERGY |
|---|---|---|---|---|---|---|---|---|---|---|
MaxCapacity (as bid) | MAV | 80 | 136 | 14 | 75 | 81 | 131 | 13 | 75 | 550/600 |
Trader Limit Volume and Trader delta Limit Volume (MW) | TLV and TdelLV | 40 | 40 | null | 35 | 35 | 60 | null | 35 | 20 |
TraderPrice1 ($/MW) | TP1 | 0.4 | 0.5 | null | 6 | 0.5 | 0.9 | null | 7 | n/a |
TraderPrice2 ($/MW) | TP2 | 5 | 5 | null | 18 | 5 | 10 | null | 20 | n/a |
TraderPrice3 ($/MW) | TP3 | 12000 | 12000 | null | 12000 | 12000 | 12000 | null | 12000 | n/a |
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Glossary
Term | Acronym | |
|---|---|---|
Bid MaxAvail Volume: | MAV | is the maxavail as bid for each FCAS. Note that the word Volume has been appended to the definition for consistency with other volume definitions. |
BreakEvenRRP | BERRP | a calculated RRP where the service is marginal based on FRRP of other services. Note that the BERRP may be greater or less than FRRP. |
CurrentVolume | CV | is the expected energy target based on the reference bid and FRRP. This is required since Energy optimisation is limited by the reference bid. |
DiscretionaryVolume | DV | = Min(MAV, LV) for each FCAS This variable is an input into the Solver |
ForecastRRP | FRRP | is the forecast RRP of the service. Initially this will be the latest p5min forecast. |
Minimum Discretionary Volume | minDV | is the minimum energy volume that the Solver may determine as optimal. |
Maximum Discretionary Volume | maxDV | is the maximum energy volume that the Solver may determine as optimal. |
NonDiscretionaryVolume | NDV | = MAV - DV Note that this variable is not an input into the Solver. |
NonOptimalVolume | NOV | = DV - OV |
OptimalVolume | OV | is an output of the Solver and is the optimal volume of each FCAS to be dispatched. |
ReferenceBid | the last manual energy bid submitted to AEMO for a given day. | |
Trader Delta Limit Volume | TdelLV | is a user inserted value that limits the volume that may be repriced from an energy reference bid. |
Trader Limit Volume | TLV | is a user inserted value that aims to limit the Discretionary Volume consumed by the Solver for each FCAS. |
TraderPrice1 | TP1 | is an optional user inserted value that limits the minimum price of a Priceband when applied to the allocation of OV. |
TraderPrice2 | TP2 | is an optional user inserted value that limits the minimum price of a Priceband when applied to the allocation of NDV. |
TraderPrice3 | TP3 | is an optional user inserted value that limits the maximum price when applied to allocation of NDV. Generally this is used to avoid allocating volume to PB10. |
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