In the modern power grid operation, the
regulatory goal of the market is to provide continuous
electricity supply to the customers with reasonable energy
prices. The current structure of energy market in Malaysia
follows the single buyer market model, where the generation is
procured solely by a single utility with a limited competition,
which is not effective in lowering the electricity prices. This
paper proposes a market framework for competitive strategies
to achieve maximum benefits of the power grid in Sarawak,
Malaysia while the optimal bidding in the day-ahead market is
assessed. Game theory with the non-cooperative scheme is
applied for the electricity market comprising various
participants. The performance of the proposed approach is
evaluated using a practical power grid with data of the
electricity market obtained from available sources. The
feasibility of electricity market deregulation in Sarawak is
proven to be effective, as the proposed framework can provide
insight into the generated revenue of energy producers in a fair
and competitive market environment