Agent-Based Simulation of Wholesale Energy Markets: A Case Study on Renewable Generation

Diogo Vidigal, Anabela Pronto, Fernando Lopes, João J. E. Santana

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

Variable generation (VG), such as wind power, has increased significantly in recent years. VG has several unique characteristics compared to those of traditional power plants, including significant fixed capital costs but near-zero variable production costs. Large penetrations of VG tend to influence the prices and schedules of energy markets. Specifically, increasing levels of VG tend to reduce market prices, increase price volatility, and reduce the cleared energy levels of existing generating plants. This paper describes some important features of an agentbased system to simulate energy markets. Special attention is devoted to a case study aiming at analysing the behaviour of the system in situations with increasing levels of wind generation, notably comparing market schedules and prices in situations with either low or high levels of wind generation.

Original languageEnglish
Title of host publicationProceedings - 26th International Workshop on Database and Expert Systems Applications, DEXA 2015
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages81-85
Number of pages5
Volume2016-February
ISBN (Electronic)9781467375825
DOIs
Publication statusPublished - 11 Feb 2016
Event26th International Workshop on Database and Expert Systems Applications, DEXA 2015 - Valencia, Spain
Duration: 1 Sep 20154 Sep 2015

Conference

Conference26th International Workshop on Database and Expert Systems Applications, DEXA 2015
CountrySpain
CityValencia
Period1/09/154/09/15

Keywords

  • Wholesale electricity markets; pool trading; variable

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    Vidigal, D., Pronto, A., Lopes, F., & Santana, J. J. E. (2016). Agent-Based Simulation of Wholesale Energy Markets: A Case Study on Renewable Generation. In Proceedings - 26th International Workshop on Database and Expert Systems Applications, DEXA 2015 (Vol. 2016-February, pp. 81-85). [7406273] Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/DEXA.2015.34