Modeling hydro power plants in deregulated electricity markets : integration and application of EMCAS and VALORAGUA.
- Decision and Information Sciences
In this paper, we present details of integrating an agent-based model, Electricity Market Complex Adaptive System (EMCAS) with a hydro-thermal coordination model, VALORAGUA. EMCAS provides a framework for simulating deregulated markets with flexible regulatory structure along with bidding strategies for supply offers and demand bids. VALORAGUA provides longer-term operation plans by optimizing hydro and thermal power plant operation for the entire year. In addition, EMCAS uses the price forecasts and weekly hydro schedules from VALORAGUA to provide intra-week hydro plant optimization for hourly supply offers. The integrated model is then applied to the Iberian electricity market which includes about 111 thermal plants and 38 hydro power plants. We then analyze the impact of hydro plant supply offers on the market prices and ways to minimize the Gencospsila exposure to price risk.
- Research Organization:
- Argonne National Lab. (ANL), Argonne, IL (United States)
- Sponsoring Organization:
- USDOE Office of Science (SC)
- DOE Contract Number:
- DE-AC02-06CH11357
- OSTI ID:
- 1015538
- Report Number(s):
- ANL/DIS/CP-61088; TRN: US201111%%649
- Resource Relation:
- Conference: 5th International Conference on the European Electricity Market; May 28, 2008 - May 30, 2008; Lisbon, Portugal
- Country of Publication:
- United States
- Language:
- ENGLISH
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