Electricity Market Games: How Agent-Based Modeling Can Help under High Penetrations of Variable Generation
Abstract
Integrating increasingly high levels of variable generation in U.S. electricity markets requires addressing not only power system and grid modeling challenges but also an understanding of how market participants react and adapt to them. Key elements of current and future wholesale power markets can be modeled using an agent-based approach, which may prove to be a useful paradigm for researchers studying and planning for power systems of the future.
- Authors:
- Publication Date:
- Research Org.:
- National Renewable Energy Laboratory (NREL), Golden, CO (United States)
- Sponsoring Org.:
- NREL Laboratory Directed Research and Development (LDRD); Director's Postdoctoral Fellowship
- OSTI Identifier:
- 1247291
- Report Number(s):
- NREL/JA-5D00-65857
Journal ID: ISSN 1040-6190
- DOE Contract Number:
- AC36-08GO28308
- Resource Type:
- Journal Article
- Journal Name:
- Electricity Journal
- Additional Journal Information:
- Journal Volume: 29; Journal Issue: 2; Related Information: Electricity Journal; Journal ID: ISSN 1040-6190
- Publisher:
- Elsevier
- Country of Publication:
- United States
- Language:
- English
- Subject:
- 24 POWER TRANSMISSION AND DISTRIBUTION; 29 ENERGY PLANNING, POLICY, AND ECONOMY; electricity market design; agent-based modeling; variable generation; uplift payments; missing money problem; revenue sufficiency
Citation Formats
Gallo, Giulia. Electricity Market Games: How Agent-Based Modeling Can Help under High Penetrations of Variable Generation. United States: N. p., 2016.
Web. doi:10.1016/j.tej.2016.02.001.
Gallo, Giulia. Electricity Market Games: How Agent-Based Modeling Can Help under High Penetrations of Variable Generation. United States. https://doi.org/10.1016/j.tej.2016.02.001
Gallo, Giulia. 2016.
"Electricity Market Games: How Agent-Based Modeling Can Help under High Penetrations of Variable Generation". United States. https://doi.org/10.1016/j.tej.2016.02.001.
@article{osti_1247291,
title = {Electricity Market Games: How Agent-Based Modeling Can Help under High Penetrations of Variable Generation},
author = {Gallo, Giulia},
abstractNote = {Integrating increasingly high levels of variable generation in U.S. electricity markets requires addressing not only power system and grid modeling challenges but also an understanding of how market participants react and adapt to them. Key elements of current and future wholesale power markets can be modeled using an agent-based approach, which may prove to be a useful paradigm for researchers studying and planning for power systems of the future.},
doi = {10.1016/j.tej.2016.02.001},
url = {https://www.osti.gov/biblio/1247291},
journal = {Electricity Journal},
issn = {1040-6190},
number = 2,
volume = 29,
place = {United States},
year = {Tue Mar 01 00:00:00 EST 2016},
month = {Tue Mar 01 00:00:00 EST 2016}
}
Other availability
Save to My Library
You must Sign In or Create an Account in order to save documents to your library.
Works referenced in this record:
Using forward markets to improve electricity market design
journal, December 2010
- Ausubel, Lawrence M.; Cramton, Peter
- Utilities Policy, Vol. 18, Issue 4
Evaluating Individual Market Power in Electricity Markets via Agent-Based Simulation
journal, July 2003
- Bunn, Derek W.; Oliveira, Fernando S.
- Annals of Operations Research, Vol. 121, Issue 1/4, p. 57-77
Modeling and forecasting of electricity spot-prices: Computational intelligence vs classical econometrics
journal, January 2014
- Cincotti, Silvano; Gallo, Giulia; Ponta, Linda
- AI Communications, Vol. 27, Issue 3
A Capacity Market that Makes Sense
journal, August 2005
- Cramton, Peter; Stoft, Steven
- The Electricity Journal, Vol. 18, Issue 7
The economy needs agent-based modelling
journal, August 2009
- Farmer, J. Doyne; Foley, Duncan
- Nature, Vol. 460, Issue 7256
Reliability and competitive electricity markets
journal, March 2007
- Joskow, Paul; Tirole, Jean
- The RAND Journal of Economics, Vol. 38, Issue 1
Choices, values, and frames.
journal, January 1984
- Kahneman, Daniel; Tversky, Amos
- American Psychologist, Vol. 39, Issue 4
Learning in Agent-based Models
journal, December 2010
- Kirman, Alan
- Eastern Economic Journal, Vol. 37, Issue 1
Introduction to the Special Issue on Agent-Based Models for Economic Policy Advice
journal, April 2008
- LeBaron, Blake; Winker, Peter
- Jahrbücher für Nationalökonomie und Statistik, Vol. 228, Issue 2-3
MASCEM: a multiagent system that simulates competitive electricity markets
journal, November 2003
- Praca, I.; Ramos, C.; Vale, Z.
- IEEE Intelligent Systems, Vol. 18, Issue 6
A Behavioral Model of Rational Choice
journal, February 1955
- Simon, Herbert A.
- The Quarterly Journal of Economics, Vol. 69, Issue 1
Dynamic Testing of Wholesale Power Market Designs: An Open-Source Agent-Based Framework
journal, August 2007
- Sun, Junjie; Tesfatsion, Leigh
- Computational Economics, Vol. 30, Issue 3
Analyzing interrelated markets in the electricity sector — The case of wholesale power trading in Germany
conference, July 2008
- Weidlich, Anke; Veit, Daniel
- 2008 IEEE Power and Energy Society General Meeting - Conversion and Delivery of Electrical Energy in the 21st Century