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

Author

Listed:
  • 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)

  • Stefano Ivaldi

    (Chercheur indépendant)

  • Stefano Pastore

    (DICAR - Dipartimento di Ingegneria e Architettura - Università degli studi di Trieste = University of Trieste)

  • Silvano Cincotti

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

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.

Suggested Citation

  • Eric Guerci & Stefano Ivaldi & Stefano Pastore & Silvano Cincotti, 2005. "Modeling and implementation of an artificial electricity market using agent-based technology," Post-Print halshs-00871023, HAL.
    • Handle: RePEc:hal:journl:halshs-00871023
    DOI: 10.1016/j.physa.2005.02.068
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    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:

    1. Balint, T. & Lamperti, F. & Mandel, A. & Napoletano, M. & Roventini, A. & Sapio, A., 2017. "Complexity and the Economics of Climate Change: A Survey and a Look Forward," Ecological Economics, Elsevier, vol. 138(C), pages 252-265.
    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. Liu, Beibei & He, Pan & Zhang, Bing & Bi, Jun, 2012. "Impacts of alternative allowance allocation methods under a cap-and-trade program in power sector," Energy Policy, Elsevier, vol. 47(C), pages 405-415.
    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. repec:spo:wpmain:info:hdl:2441/5qr7f0k4sk8rbq4do5u6v70rm0 is not listed on IDEAS
    6. Silvano Cincotti & Marco Raberto & Andrea Teglio, 2022. "Why do we need agent-based macroeconomics?," Review of Evolutionary Political Economy, Springer, vol. 3(1), pages 5-29, April.
    7. 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.
    8. Yong Liu & Fei Li & Yunpeng Su, 2019. "Critical Factors Influencing the Evolution of Companies’ Environmental Behavior: An Agent-Based Computational Economic Approach," SAGE Open, , vol. 9(1), pages 21582440198, February.
    9. Silvano Cincotti & Ilaria Giannoccaro & Cristina Ponsiglione & Linda Ponta & Andreas Pyka, 2024. "Editorial to the special issue on applications of complexity for resilient organizations, management and innovation systems," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 19(2), pages 193-200, April.
    10. repec:spo:wpmain:info:hdl:2441/1nlv566svi86iqtetenms15tc4 is not listed on IDEAS
    11. 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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