Comprehensive Review on Artificial Intelligent Techniques on Bidding Strategies in Competitive Electricity Markets

Restructuring has been identified as the major means of curbing challenges faced in electricity marketing industry. Deregulation of the power industry though it has its own enormous benefits such as effective and efficient utilization of equipment and facilities, power (energy) optimization etc., however it has some disadvantages which range from high competition that will eventually result to reduction in price at very improved quality of service rendered in terms of efficiency and voltage.it is the disadvantages of deregulation that has led to the competitiveness of electricity market. This work reviewed both conventional and modern applications of various techniques applied in the management of electricity marketing in power network with more emphasis on artificial intelligent techniques. Various means of maximising profit considering optimal bidding strategies as well as multi market decision making strategies were reviewed.