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Agent-based model of the Italian wholesale electricity market

Author

Listed:
  • Mohammad Ali Rastegar

    (Chercheur indépendant)

  • Eric Guerci

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur, GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique)

  • Silvano Cincotti

    (DIME - Dipartimento di ingegneria meccanica, energetica, gestionale e dei trasporti - UniGe - Università degli studi di Genova = University of Genoa)

Abstract

This paper proposes an agent-based computational model of the Italian wholesale electricity market. In particular, the aim of the paper is to study how the strategic behavior of the thermal power plants can influence the level of price at a zonal and national level with respect of a typical daily load profile. The model reproduces exactly the market clearing procedure, i.e., day-ahead market (DAM) and the Italian high-voltage transmission network with its zonal subdivision. Furthermore the daily load profile and all installed thermal power plants are realistically considered. Three price cases are studied and compared, i.e., the real situation, a cost based case and a final case where the generation companies learn according to a reinforcement learning algorithm their best strategy. The empirical validation at a national level enables to point out that the model replicate correctly historical data except for some peak-load hours.

Suggested Citation

  • Mohammad Ali Rastegar & Eric Guerci & Silvano Cincotti, 2009. "Agent-based model of the Italian wholesale electricity market," Post-Print halshs-00871127, HAL.
    • Handle: RePEc:hal:journl:halshs-00871127
    DOI: 10.1109/EEM.2009.5207128
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    Citations

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    Cited by:

    1. repec:hal:spmain:info:hdl:2441/53r60a8s3kup1vc9l564igg8g is not listed on IDEAS
    2. Jean-Luc Gaffard & Mauro Napoletano, 2012. "Agent-based models and economic policy," Post-Print hal-03461120, HAL.
    3. repec:hal:wpspec:info:hdl:2441/53r60a8s3kup1vc9l564igg8g is not listed on IDEAS
    4. Mureddu, Mario & Meyer-Ortmanns, Hildegard, 2018. "Extreme prices in electricity balancing markets from an approach of statistical physics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 490(C), pages 1324-1334.
    5. repec:spo:wpecon:info:hdl:2441/53r60a8s3kup1vc9l564igg8g is not listed on IDEAS
    6. Young, David & Poletti, Stephen & Browne, Oliver, 2014. "Can agent-based models forecast spot prices in electricity markets? Evidence from the New Zealand electricity market," Energy Economics, Elsevier, vol. 45(C), pages 419-434.
    7. Mario Mureddu & Hildegard Meyer-Ortmanns, 2016. "Extreme prices in electricity balancing markets from an approach of statistical physics," Papers 1612.05525, arXiv.org.
    8. Andrea Cervone & Ezio Santini & Sabrina Teodori & Donatella Zaccagnini Romito, 2014. "Electricity Price Forecast: a Comparison of Different Models to Evaluate the Single National Price in the Italian Energy Exchange Market," International Journal of Energy Economics and Policy, Econjournals, vol. 4(4), pages 744-758.

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