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An agent-based computational laboratory for testing the economic reliability of wholesale power market designs

Author

Listed:
  • Koesrinartoto, D.
  • Sun, Junjie
  • Tesfatsion, Leigh

Abstract

In April 2003 the U.S. Federal Energy Regulatory Commission proposed the wholesale power market platform (WPMP) for adoption by all U.S. wholesale power markets. The WPMP market design envisions day-ahead, real-time, and ancillary service markets maintained and operated by an independent system operator or regional transmission organization. Previous work reports on the development of an agent-based model for testing the economic reliability of the WPMP market design. This paper reports on the implementation of this model as an agent-based computational laboratory. Initial experiments focusing on optimal power flow solution methods for the day-ahead and real-time markets are also discussed.

Suggested Citation

  • Koesrinartoto, D. & Sun, Junjie & Tesfatsion, Leigh, 2005. "An agent-based computational laboratory for testing the economic reliability of wholesale power market designs," ISU General Staff Papers 200501010800001043, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:200501010800001043
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    2. Giorgio Fagiolo & Paul Windrum & Alessio Moneta, 2006. "Empirical Validation of Agent Based Models: A Critical Survey," LEM Papers Series 2006/14, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    3. Bernardo Alves Furtado & Isaque Daniel Rocha Eberhardt, 2016. "A Simple Agent-Based Spatial Model of the Economy: Tools for Policy," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 19(4), pages 1-12.
    4. Andrea Alberizzi & Paolo Barba & Florian Ziel, 2025. "Agent based modeling for intraday electricity markets," OPSEARCH, Springer;Operational Research Society of India, vol. 62(1), pages 178-197, March.
    5. 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, Springer;Society for Computational Economics, vol. 30(3), pages 195-226, October.
    6. Fuentes, Rolando & Sengupta, Abhijit, 2020. "Using insurance to manage reliability in the distributed electricity sector: Insights from an agent-based model," Energy Policy, Elsevier, vol. 139(C).
    7. Sara Lumbreras & Sonja Wogrin & Guillermo Navarro & Ilaria Bertazzi & Maria Pereda, 2019. "A Decentralized Solution for Transmission Expansion Planning: Getting Inspiration from Nature," Energies, MDPI, vol. 12(23), pages 1-17, November.
    8. Zhe Xiao & Tinghua Li & Ming Huang & Jihong Shi & Jingjing Yang & Jiang Yu & Wei Wu, 2010. "Hierarchical MAS Based Control Strategy for Microgrid," Energies, MDPI, vol. 3(9), pages 1-17, September.
    9. 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, vol. 37(12), pages 5694-5703, December.
    10. Sun, Junjie & Tesfatsion, Leigh, 2006. "DC Optimal Power Flow Formulation and Solution Using QuadProgJ," Working Papers 18221, Iowa State University, Department of Economics.
    11. Junjie Sun & Leigh Tesfatsion, 2007. "Dynamic Testing of Wholesale Power Market Designs: An Open-Source Agent-Based Framework," Computational Economics, Springer;Society for Computational Economics, vol. 30(3), pages 291-327, October.
    12. Safarzynska, Karolina & van den Bergh, Jeroen C.J.M., 2011. "Industry evolution, rational agents and the transition to sustainable electricity production," Energy Policy, Elsevier, vol. 39(10), pages 6440-6452, October.
    13. Ly Sugianto, 2014. "Navigating Towards a Sustainable Electricity Supply in Indonesia," Modern Applied Science, Canadian Center of Science and Education, vol. 8(6), pages 1-14, December.
    14. Paul Windrum & Giorgio Fagiolo & Alessio Moneta, 2007. "Empirical Validation of Agent-Based Models: Alternatives and Prospects," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 10(2), pages 1-8.
    15. Moradi, Mohammad H. & Razini, Saleh & Mahdi Hosseinian, S., 2016. "State of art of multiagent systems in power engineering: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 58(C), pages 814-824.
    16. Furtado, Bernardo Alves & Eberhardt, Isaque Daniel Rocha, 2015. "Modelo espacial simples da economia: uma proposta teórico-metodológica [A simple spatial economic model: a proposal]," MPRA Paper 67005, University Library of Munich, Germany.
    17. Francis Tseng & Fei Liu & Bernardo Alves Furtado, 2017. "Humans of Simulated New York (HOSNY): an exploratory comprehensive model of city life," Papers 1703.05240, arXiv.org, revised Mar 2017.
    18. Weidlich, Anke & Veit, Daniel, 2008. "A critical survey of agent-based wholesale electricity market models," Energy Economics, Elsevier, vol. 30(4), pages 1728-1759, July.

    More about this item

    JEL classification:

    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L5 - Industrial Organization - - Regulation and Industrial Policy
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory

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