Abstract
The fast globalization of renewable energy-based technologies has enabled its wide speared utilization as well. This has shaped a new prospect of operation in the modern electricity system. But, its dependency on environmental factors leads to an uncertain scenario in the day-ahead electricity market. During this period, compromises are made in the genuine process of expenditure and resources of the producers to offset the capacity that decreases the profits for the producers. In general, a significant variety of scenarios need to be taken into account when describing uncertainty, thereby necessitating the need for techniques of scenario reduction. Therefore, to manage the intractable effects of solar radiation and wind speed instability, the function of the Beta and Weibull distribution of probability is implemented, respectively, and scenarios are minimized using forward-reduction algorithms. Besides, an underestimation and overestimation of the cost function are used to calculate the deviation of renewable influence. Thus, this paper is suggesting a valuable bidding strategy to maximize the remuneration of electricity producers in the presence of rival competitors and the instability of solar and wind energy. This problem has been prepared by taking the benchmark IEEE 30-bus network with and without renewable energy sources, and this problem has been solved by using the Gravitational Search Algorithm. The observations of the outcome demonstrate the appropriateness of the projected bid strategy in the presence of volatility of renewable energy.