Electricity Market Manipulation: How Behavioral Modeling Can Help Market Design
The question of how to best design electricity markets to integrate variable and uncertain renewable energy resources is becoming increasingly important as more renewable energy is added to electric power systems. Current markets were designed based on a set of assumptions that are not always valid in scenarios of high penetrations of renewables. In a future where renewables might have a larger impact on market mechanisms as well as financial outcomes, there is a need for modeling tools and power system modeling software that can provide policy makers and industry actors with more realistic representations of wholesale markets. One option includes using agent-based modeling frameworks. This paper discusses how key elements of current and future wholesale power markets can be modeled using an agent-based approach and how this approach may become a useful paradigm that researchers can employ when studying and planning for power systems of the future.
- Publication Date:
- OSTI Identifier:
- Report Number(s):
- DOE Contract Number:
- Resource Type:
- Technical Report
- Research Org:
- NREL (National Renewable Energy Laboratory (NREL), Golden, CO (United States))
- Sponsoring Org:
- USDOE; NREL Laboratory Directed Research and Development (LDRD)
- Country of Publication:
- United States
- 24 POWER TRANSMISSION AND DISTRIBUTION; 29 ENERGY PLANNING, POLICY, AND ECONOMY electricity market design; agent-based modeling; variable generation; uplift payments
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