This paper is based on bidding techniques in the deregulated power souk. Various countries throughout the world modified their power economics to make the regulated power system to deregulated power system (competition based) to foster opposition and improve efficiency. Bidding price reduction and stabilisation are provided by competition. The profit maximisation of power utilities is inextricably linked to bidding methods. Based on state-of-the-art research, author studied bidding approached and modelling methodologies to the various souk types. It also examines the competitive souk model of the global energy souk. The literature review highlights the fact that most study is focused on the supply side of the souk, while the demand side is still mostly unexplored. To maximise their personal profit in deregulated power souk, suppliers and buyers have an appropriate bid technique. This sparked a massive research effort by academics and practitioners in the worlds deregulated power souks. As a result, several authors have proposed numerous strategies to tackle the bid problem in the power souk. The purpose of this work is to lay out the best bid approach for generation companies and end users in the power souk. A literature review based on bid approaches used in power souk is also included in this study.
Power souk, Bidding Strategy, Market Clearing Price, Optimization Problem, Profit Maximization