Multi-agent simulation of generation expansion in electricity markets.
We present a new multi-agent model of generation expansion in electricity markets. The model simulates generation investment decisions of decentralized generating companies (GenCos) interacting in a complex, multidimensional environment. A probabilistic dispatch algorithm calculates prices and profits for new candidate units in different future states of the system. Uncertainties in future load, hydropower conditions, and competitors actions are represented in a scenario tree, and decision analysis is used to identify the optimal expansion decision for each individual GenCo. We test the model using real data for the Korea power system under different assumptions about market design, market concentration, and GenCo's assumed expectations about their competitors investment decisions.
- Research Organization:
- Argonne National Lab. (ANL), Argonne, IL (United States)
- Sponsoring Organization:
- Korea Power Exchange
- DOE Contract Number:
- DE-AC02-06CH11357
- OSTI ID:
- 971943
- Report Number(s):
- ANL/DIS/CP-58120; TRN: US201005%%68
- Resource Relation:
- Conference: 2007 IEEE Power Engineering Society General Meeting; Jun. 24, 2007 - Jun. 28, 2007; Tampa, FL
- Country of Publication:
- United States
- Language:
- ENGLISH
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