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Separation and Volatility of Locational Marginal Prices in Restructured Wholesale Power Markets

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Author Info

  • Li, Hongyan
  • Sun, Junjie
  • Tesfatsion, Leigh S.

Abstract

This study uses an agent-based test bed ("AMES") to investigate separation and volatility of locational marginal prices (LMPs) in an ISO-managed restructured wholesale power market operating over an AC transmission grid. Particular attention is focused on the dynamic and cross-sectional response of LMPs to systematic changes in demand-bid price sensitivities and supply-offer price cap levels under varied learning specifications for the generation companies. Also explored is the extent to which the supply offers of the marginal (price-determining) generation companies induce correlations among neighboring LMPs. 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/sites/default/files/publications/papers/p1452-2009-06-09.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 13075.

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Date of creation: 09 Jun 2009
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Handle: RePEc:isu:genres:13075

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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Related research

Keywords: Restructured wholesale power markets; multi-agent learning; demand-bid price sensitivity; AMES Wholesale Power Market Test Bed; agent-based modeling; locational marginal prices (LMPs); LMP separation; LMP volatility; supply-offer price caps;

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References

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  1. Somani, Abhishek & Tesfatsion, Leigh S., 2008. "An Agent-Based Test Bed Study of Wholesale Power Market Performance Measures," Staff General Research Papers 12977, Iowa State University, Department of Economics.
  2. Sun, Junjie & Tesfatsion, Leigh S., 2006. "Dynamic Testing of Wholesale Power Market Designs: An Open-Source Agent-Based Framework," Staff General Research Papers 12649, Iowa State University, Department of Economics.
  3. Paul L. Joskow, 2005. "Markets For Power In The United States - An Interim Assessment," Working Papers 0512, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
  4. Li, Hongyan & Tesfatsion, Leigh S., 2009. "Capacity Withholding in Restructured Wholesale Power Markets: An Agent-Based Test Bed Study," Staff General Research Papers 13070, Iowa State University, Department of Economics.
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Cited by:
  1. Albert Banal-Estañol & Augusto Rupérez-Micola, 2010. "Are agent-based simulations robust? The wholesale electricity trading case," Economics Working Papers 1214, Department of Economics and Business, Universitat Pompeu Fabra.

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