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An ACE Wholesale Electricity Market Framework with Bilateral Trading

In: Emergent Results of Artificial Economics

Author

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  • Davide Provenzano

    (University of Palermo)

Abstract

In this paper, an agent-based simulation model for a hybrid power market structure is presented. A bilateral transaction mechanism is combined with a uniform-pricing auction settlement in order to isolate the impact of medium-term bilateral contracts on market power and spot prices in a competitive wholesale market setting. First we describe the negotiation method for bilateral trading of energy and then introduce a new approach for bidding in the DA market based on the load duration curve. We find that, despite the conventional concerns, the foreclosure effect produced by the bilateral agreement between a generation and a retail business will not necessarily lead to higher prices, and will be manifested only according to the specific market characteristics.

Suggested Citation

  • Davide Provenzano, 2011. "An ACE Wholesale Electricity Market Framework with Bilateral Trading," Lecture Notes in Economics and Mathematical Systems, in: Sjoukje Osinga & Gert Jan Hofstede & Tim Verwaart (ed.), Emergent Results of Artificial Economics, pages 177-188, Springer.
    • Handle: RePEc:spr:lnechp:978-3-642-21108-9_15
    DOI: 10.1007/978-3-642-21108-9_15
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