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- Agent-based model of citizen energy communities used to negotiate bilateral contracts in electricity marketsPublication . Algarvio, HugoABSTRACT: The worldwide targets for carbon-neutral societies increased the penetration of distributed generation and storage. Smart cities now play a key role in achieving these targets by considering the alliances of their demand and supply assets as local citizen energy communities. These communities need to have enough weight to trade electricity in wholesale markets. Trading of electricity can be done in spot markets or by bilateral contracts involving customers and suppliers. This paper is devoted to bilateral contracting, which is modeled as a negotiation process involving an iterative exchange of offers and counter-offers. This article focuses on local citizen energy communities. Specifically, it presents team and single-agent negotiation models, where each member has its sets of strategies and tactics and also its decision model. Community agents are equipped with intra-team strategies and decision protocols. To evaluate the benefits of CECs, models of both coalition formation and management have been adapted. This paper also describes a case study on forward bilateral contracts, involving a retailer agent and three different types of citizen energy communities. The results demonstrate the benefits of CECs during the negotiation of private bilateral contracts of electricity. Furthermore, they also demonstrate that in the case of using a representative strategy, the selection of the mediator may be critical for achieving a good deal.
- Agent-based retail competition and portfolio optimization in liberalized electricity markets: A study involving real-world consumersPublication . Algarvio, Hugo; Lopes, FernandoABSTRACT: The liberalization of energy markets brought full competition to the electric power industry. In the wholesale sector, producers and retailers submit bids to day-ahead markets, where prices are uncertain, or alternatively, they sign bilateral contracts to hedge against pool price volatility. In the retail sector, retailers compete to sign bilateral contracts with end-use customers. Typically, such contracts are subject to a high-risk premium—that is, retailers request a high premium to consumers to cover their potential risk of trading energy in wholesale markets. Accordingly, consumers pay a price for energy typically higher than the wholesale market price. This article addresses the optimization of the portfolios of retailers, which are composed of end-use customers. To this end, it makes use of a risk-return optimization model based on the Markowitz theory. The article presents a simulation-based study conducted with the help of the MATREM system, involving 6 retailer agents, with different risk preferences, and 312 real-world consumers. The retailers select a pricing strategy and compute a tariff to offer to target consumers, optimize their portfolio of consumers using data from the Iberian market, sign bilateral contracts with consumers, and compute their target return during contract duration. The results support the conclusion that retail markets are more favourable to risk-seeking retailers, since substantial variations in return lead to small variations in risk. However, for a given target return, risk-averse retailers consider lower risk portfolios, meaning that they may obtain higher returns in both favourable and unfavourable situations.
- Changing the day-ahead gate closure to wind power integration: a simulation-based studyPublication . Algarvio, Hugo; Couto, António; Lopes, Fernando; Estanqueiro, AnaABSTRACT: Currently, in most European electricity markets, power bids are based on forecasts performed 12 to 36 hours ahead. Actual wind power forecast systems still lead to large errors, which may strongly impact electricity market outcomes. Accordingly, this article analyzes the impact of the wind power forecast uncertainty and the change of the day-ahead market gate closure on both the market-clearing prices and the outcomes of the balancing market. To this end, it presents a simulation-based study conducted with the help of an agent-based tool, called MATREM. The results support the following conclusion: a change in the gate closure to a time closer to real-time operation is beneficial to market participants and the energy system generally.
- Management of local citizen energy communities and bilateral contracting in multi-agent electricity marketsPublication . Algarvio, HugoABSTRACT: Over the last few decades, the electricity sector has experienced several changes, resulting in different electricity markets (EMs) models and paradigms. In particular, liberalization has led to the establishment of a wholesale market for electricity generation and a retail market for electricity retailing. In competitive EMs, customers can do the following: freely choose their electricity suppliers; invest in variable renewable energy such as solar photovoltaic; become prosumers; or form local alliances such as Citizen Energy Communities (CECs). Trading of electricity can be done in spot and derivatives markets, or by bilateral contracts. This article focuses on CECs. Specifically, it presents how agent-based local consumers can form alliances as CECs, manage their resources, and trade on EMs. It also presents a review of how agent-based systems can model and support the formation and interaction of alliances in the electricity sector. The CEC can trade electricity directly with sellers through private bilateral agreements. During the negotiation of private bilateral contracts, the CEC receives the prices and volumes of their members and according to its negotiation strategy, tries to satisfy the electricity demands of all members and reduce their costs for electricity.
- Participation of wind power producers in day-ahead and balancing markets: an overview and a simulation-based studyPublication . Algarvio, Hugo; Lopes, Fernando; Couto, António; Estanqueiro, AnaABSTRACT: At present, a harmonized pan-European electricity market (EM) is a close reality. While in day-ahead markets (DAMs) the harmonization is at an advanced stage, in balancing markets (BMs) still exist some challenging issues, notably the remuneration of imbalances: some countries have simple and clear methods, but others consider complex methods that are not appealing to the participation of variable renewable energy (VRE). The participation of VRE in BMs is technically feasible, although with some restrictions to guarantee security and stability. Thus the economic attractiveness of these markets should be increased in order to enable full integration of VRE without feed-in-tariffs or other incentives. This article presents an overview of EMs, focusing on European BMs, and also investigates the benefits of the participation of wind power producers (WPPs) in BMs at both economic and technical levels. In particular, the article presents a new strategy allowing WPPs to bid in BMs. It also presents a study involving four scenarios, where WPPs participate in: (a) the DAM (baseline scenario), (b) the DAM and the automatic-activated frequency restoration reserve market, (c) the DAM and the manually activated FRR (mFRR) market, and (d) the DAM and a 15-min mFRR market. The simulations are performed with the agent-based system MATREM (for Multi-Agent TRading in EMs). For the last scenario, the results indicate an increase around 6% in the wind energy value to the market, a decrease of 12% in the total reserve used, and a decrease around 16% in the costs from the BM. This article is categorized under: Wind Power > Systems and Infrastructure Wind Power > Economics and Policy Energy Systems Analysis > Economics and Policy.
- Variable renewable energy and market design: new products and a real-world studyPublication . Algarvio, Hugo; Lopes, Fernando; Couto, António; Estanqueiro, Ana; Santana, JoãoABSTRACT: Most existing energy markets (EMs) were not designed to take into account an active participation of variable renewable energy (VRE). This situation results typically in imbalances and substantial costs in balancing markets. Such costs are reflected both in the energy and the VRE parts of the consumer tariffs. Both appropriate market products and new elements of market design may largely facilitate the large-scale integration of VRE in EMs. Accordingly, this article presents a new bilateral energy contract and introduces two new marketplaces that can contribute to reduce the imbalances resulting from VRE producers. It also presents a study conducted with the help of an agent-based tool, called MATREM. The results indicate a significant decrease in the imbalances and the associated costs.