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Modeling and implementation of an artificial electricity market using agent-based technology

Author Info

Listed author(s):
  • Guerci, E.
  • Ivaldi, S.
  • Pastore, S.
  • Cincotti, S.

Abstract

This paper focuses on modeling power exchanges in a multi-agent interacting framework with reduced behavioral assumptions. A model of the day ahead market session of OMEL (the Spanish Power Exchange) is proposed using real demand data with simulated seller strategies. The number of sellers is defined at the first stage and the quantity of goods is distributed over the population of agents according to several initial distributions. A Clearing-house mechanism matches the cumulative demand and supply curves in order to determine the market-clearing price. The resulting price time-series are statistically tested to verify the validity of the model. Results show the main properties of real market and assess the validity of the proposed model.

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File URL: http://www.sciencedirect.com/science/article/pii/S0378437105002773
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Article provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.

Volume (Year): 355 (2005)
Issue (Month): 1 ()
Pages: 69-76

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Handle: RePEc:eee:phsmap:v:355:y:2005:i:1:p:69-76
DOI: 10.1016/j.physa.2005.02.068
Contact details of provider: Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/

Keywords: Artificial power exchange markets; Heterogeneous agents; Statistical modeling;

References listed on IDEAS
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  1. Derek W. Bunn and Fernando Oliveira, 2001. "An Application of Agent-based Simulation to the New Electricity Trading Arrangements of England and Wales," Computing in Economics and Finance 2001 93, Society for Computational Economics.
  2. James Nicolaisen & Valentin Petrov & Leigh Tesfatsion, 2000. "Market Power and Efficiency in a Computational Electricity Market with Discriminatory Double-Auction Pricing," Computational Economics 0004005, EconWPA.
  3. Mendelson, Haim, 1982. "Market Behavior in a Clearing House," Econometrica, Econometric Society, vol. 50(6), pages 1505-1524, November.
  4. Ángel León & Antonio Rubia, 2001. "Comportamiento Del Precio Y Volatilidad En El Pool Eléctrico Español," Working Papers. Serie EC 2001-04, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
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Cited by:

  1. T. BALINT & F. LAMPERTI & A. Mandel & A. Roventini Author-Workplace-Name : OFCE-Sciences Pp and SKEMA Businees School & A. Sapio Author-Workplace-Name : Parathenope Universtiy of Naples, 2016. "Complexity and the Economics of Climate Change : a survey and look forward," Documents de Travail de l'OFCE 2016-23, Observatoire Francais des Conjonctures Economiques (OFCE).
  2. Sandro Sapio, 2006. "An Empirically Based Model of the Supply Schedule in Day-Ahead Electricity Markets," LEM Papers Series 2006/12, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  3. Sarıca, Kemal & Kumbaroğlu, Gürkan & Or, Ilhan, 2012. "Modeling and analysis of a decentralized electricity market: An integrated simulation/optimization approach," Energy, Elsevier, vol. 44(1), pages 830-852.
  4. Silvano Cincotti & Eric Guerci, 2005. "Agent-based simulation of power exchange with heterogeneous production companies," Computing in Economics and Finance 2005 334, Society for Computational Economics.
  5. Oliveira, Fernando, 2008. "The value of information in electricity investment games," Energy Policy, Elsevier, vol. 36(7), pages 2364-2375, July.

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