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

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

doi:10.1109/DEXA.2015.34

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 proceeding › Conference contribution › peer-review

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 language	English
Title of host publication	Proceedings - 26th International Workshop on Database and Expert Systems Applications, DEXA 2015
Publisher	Institute of Electrical and Electronics Engineers (IEEE)
Pages	81-85
Number of pages	5
Volume	2016-February
ISBN (Electronic)	9781467375825
DOIs	https://doi.org/10.1109/DEXA.2015.34
Publication status	Published - 11 Feb 2016
Event	26th International Workshop on Database and Expert Systems Applications, DEXA 2015 - Valencia, Spain Duration: 1 Sept 2015 → 4 Sept 2015

Conference

Conference	26th International Workshop on Database and Expert Systems Applications, DEXA 2015
Country/Territory	Spain
City	Valencia
Period	1/09/15 → 4/09/15

Keywords

Wholesale electricity markets; pool trading; variable

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1109/DEXA.2015.34

Cite this

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). Article 7406273 Institute of Electrical and Electronics Engineers (IEEE). https://doi.org/10.1109/DEXA.2015.34

@inproceedings{f1dfdce9501b41f1bdd550f269c950e4,

title = "Agent-Based Simulation of Wholesale Energy Markets: A Case Study on Renewable Generation",

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.",

keywords = "Wholesale electricity markets; pool trading; variable",

author = "Diogo Vidigal and Anabela Pronto and Fernando Lopes and Santana, {Jo{\~a}o J. E.}",

year = "2016",

month = feb,

day = "11",

doi = "10.1109/DEXA.2015.34",

language = "English",

volume = "2016-February",

pages = "81--85",

booktitle = "Proceedings - 26th International Workshop on Database and Expert Systems Applications, DEXA 2015",

publisher = "Institute of Electrical and Electronics Engineers (IEEE)",

address = "United States",

note = "26th International Workshop on Database and Expert Systems Applications, DEXA 2015 ; Conference date: 01-09-2015 Through 04-09-2015",

}

Vidigal, D, Pronto, A, Lopes, F & Santana, JJE 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, 7406273, Institute of Electrical and Electronics Engineers (IEEE), pp. 81-85, 26th International Workshop on Database and Expert Systems Applications, DEXA 2015, Valencia, Spain, 1/09/15. https://doi.org/10.1109/DEXA.2015.34

Agent-Based Simulation of Wholesale Energy Markets: A Case Study on Renewable Generation. / Vidigal, Diogo; Pronto, Anabela; Lopes, Fernando et al.
Proceedings - 26th International Workshop on Database and Expert Systems Applications, DEXA 2015. Vol. 2016-February Institute of Electrical and Electronics Engineers (IEEE), 2016. p. 81-85 7406273.

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

TY - GEN

T1 - Agent-Based Simulation of Wholesale Energy Markets

T2 - 26th International Workshop on Database and Expert Systems Applications, DEXA 2015

AU - Vidigal, Diogo

AU - Pronto, Anabela

AU - Lopes, Fernando

AU - Santana, João J. E.

PY - 2016/2/11

Y1 - 2016/2/11

N2 - 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.

AB - 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.

KW - Wholesale electricity markets; pool trading; variable

UR - http://www.scopus.com/inward/record.url?scp=84962243087&partnerID=8YFLogxK

U2 - 10.1109/DEXA.2015.34

DO - 10.1109/DEXA.2015.34

M3 - Conference contribution

VL - 2016-February

SP - 81

EP - 85

BT - Proceedings - 26th International Workshop on Database and Expert Systems Applications, DEXA 2015

PB - Institute of Electrical and Electronics Engineers (IEEE)

Y2 - 1 September 2015 through 4 September 2015

ER -

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

Abstract

Conference

Keywords

UN SDGs

Access to Document

Other files and links

Fingerprint

Cite this