Engineering Interrelated Electricity Markets

Engineering Interrelated Electricity Markets

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Due to the characteristics of electricity, power markets rank among the most complex markets operated at present. The requirements of an environmentally sustainable, economically efficient, and secure energy supply have resulted in the emergence of several interrelated markets that have to be carefully engineered in order to ensure efficient market outcomes. This book presents an agent-based simulation model that facilitates electricity market research. Simulation outcomes from this model are validated against price data from German power markets. The results significantly contribute to existing research in agent-based simulation and electricity market modeling, and provide insights into the impact of the market structure and market design on electricity prices. The book addresses researchers, lecturers and students who are interested in applying agent-based simulation to power markets. It provides a thorough discussion of the methodology and helpful details for model implementation.2 the electricity sector is characterized by technical constraints, multiple interlinked markets, and an oligopolistic structure ... Game theoretical analysis yields insights into specific aspects of electricity trading (Wilson, 2002), but is usually limited to ... Within the lastten years, more and more researchers have developed electricity market models with adaptive software agents. ... electricity market modeling, and Sect.3.4 summarizes the findings from the discussion of the ACE methodology.

Title:Engineering Interrelated Electricity Markets
Author:Anke Weidlich
Publisher:Springer Science & Business Media - 2008-10-08


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