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An Application of Agent-based Simulation to the New Electricity Trading Arrangements of England and Wales

Author

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  • Derek W. Bunn and Fernando Oliveira

Abstract

This paper presents a large-scale application of multi-agent, evolutionary modelling to the proposed new electricity trading arrangements (NETA) in the UK. This is a detailed, plant-by-plant model with an active specification of the demand side of the market. NETA involves a bilateral forwards market followed by a balancing mechanism, and then an imbalance settlement process. This agent-based simulation model has been able to provide pricing and strategic insights, ahead of NETA's actual introduction, to an extent which have eluded conventional economic analysis.

Suggested Citation

  • 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.
    • Handle: RePEc:sce:scecf1:93
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    More about this item

    Keywords

    Simulation: intelligent agents; Evolutionary economics; Electricity: competitive markets; Imperfect competition; Market design;
    All these keywords.

    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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