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An Agent-Based Computational Laboratory for Testing the Economic Reliability of Wholesale Power Market Designs

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Author Info

  • Koesrindartoto, Deddy P.
  • Sun, Junjie
  • Tesfatsion, Leigh

Abstract

In April 2003 the U.S. Federal Energy Regulatory Commission (FERC) proposed the Wholesale Power Market Platform (WPMP) for common adoption by U.S. wholesale power markets. The WPMP is a complicated market design that has been adopted in some regions of the U.S. but resisted in others on the grounds that its reliability has not yet been sufficiently tested. This article reports on the development of an agent-based computational framework for exploring the economic reliability of the WPMP. The key issue under study is the extent to which the WPMP is capable of sustaining efficient, orderly, and fair market outcomes over time despite attempts by market participants to gain advantage through strategic pricing, capacity withholding, and/or induced transmission congestion. Related work can be accessed at: http://www.econ.iastate.edu/tesfatsi/AMESMarketHome.htm

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File URL: http://www.econ.iastate.edu/tesfatsi/ieeepow.pdf
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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 12388.

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Date of creation: 01 Jun 2005
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Handle: RePEc:isu:genres:12388

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
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Web page: http://www.econ.iastate.edu
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Keywords: wholesale power market; Agent-based test bed; market power; market efficiency;

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References

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  1. Tesfatsion, Leigh & Judd, Kenneth L., 2006. "Handbook of Computational Economics, Vol. 2: Agent-Based Computational Economics," Staff General Research Papers, Iowa State University, Department of Economics 10368, Iowa State University, Department of Economics.
  2. Kalaba, R. & Tesfatsion, L., 1989. "Nonlocal Automated Sensitivity Analysis," Papers, Southern California - Department of Economics m8911, Southern California - Department of Economics.
  3. Severin Borenstein, 2002. "The Trouble With Electricity Markets: Understanding California's Restructuring Disaster," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 16(1), pages 191-211, Winter.
  4. Tesfatsion, Leigh, 1991. "Automatic Evaluation of Higher-Order Partial Derivatives for Nonlocal Sensitivity Analysis," Staff General Research Papers, Iowa State University, Department of Economics 11183, Iowa State University, Department of Economics.
  5. Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics, EconWPA 0203001, EconWPA, revised 15 Aug 2002.
  6. Kalaba, Robert E. & Tesfatsion, Leigh S., 1991. "Solving Nonlinear Equations By Adaptive Homotopy Continuation," Staff General Research Papers, Iowa State University, Department of Economics 11186, Iowa State University, Department of Economics.
  7. Tesfatsion, Leigh, 2001. "Nonlocal Sensitivity Analysis with Automatic Differentiation," Staff General Research Papers, Iowa State University, Department of Economics 1990, Iowa State University, Department of Economics.
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Cited by:
  1. Giorgio Fagiolo & Alessio Moneta & Paul Windrum, 2007. "A Critical Guide to Empirical Validation of Agent-Based Models in Economics: Methodologies, Procedures, and Open Problems," Computational Economics, Society for Computational Economics, Society for Computational Economics, vol. 30(3), pages 195-226, October.
  2. Safarzynska, Karolina & van den Bergh, Jeroen C.J.M., 2011. "Industry evolution, rational agents and the transition to sustainable electricity production," Energy Policy, Elsevier, Elsevier, vol. 39(10), pages 6440-6452, October.
  3. Imran, Kashif & Hassan, Tehzeebul & Aslam, Muhammad Farooq & Ngan, Hon-Wing & Ahmad, Intesar, 2009. "Simulation analysis of emissions trading impact on a non-utility power plant," Energy Policy, Elsevier, Elsevier, vol. 37(12), pages 5694-5703, December.
  4. Giorgio Fagiolo & Paul Windrum & Alessio Moneta, 2006. "Empirical Validation of Agent Based Models: A Critical Survey," LEM Papers Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy 2006/14, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  5. Junjie Sun & Leigh Tesfatsion, 2007. "Dynamic Testing of Wholesale Power Market Designs: An Open-Source Agent-Based Framework," Computational Economics, Society for Computational Economics, Society for Computational Economics, vol. 30(3), pages 291-327, October.
  6. Sun, Junjie & Tesfatsion, Leigh, 2006. "DC Optimal Power Flow Formulation and Solution Using QuadProgJ," Staff General Research Papers, Iowa State University, Department of Economics 12558, Iowa State University, Department of Economics.

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