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Browsing ISE - Artigos em revistas internacionais by Subject "Agent-based tools for energy markets"
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- Multi-step optimization of the purchasing options of power retailers to feed their portfolios of consumersPublication . Algarvio, HugoABSTRACT: The liberalization of the retail market of electricity increased the tariff choice of end-use consumers. Retailers compete in the retail market for customers, obtaining private portfolios of end-use consumers to manage. Retailers buy electricity at wholesale markets to feed their customers' demands. They can use spot, derivatives, and bilateral markets to acquire the energy they need. The increasing levels of variable renewable energy sources trading at spot markets, increase the price volatility of these markets. To hedge against the volatility of spot prices, retailers may negotiate standard physical or financial bilateral contracts at derivatives markets. Alternatively, they can also negotiate private bilateral contracts. This article addresses the optimization of the retailers purchasing options, to increase their risk-return ratio from electricity markets, and offer more competitive tariffs to consumers. Considering the risk attitude of retailers, they use a multi-step purchasing model composed of a multi-level risk-return optimization and a decision support system. The article presents an agent-based study considering a retailer with a portfolio of 312 real-world consumers. Risk-seeking and risk-neutral retailers obtained a return up to 38%, less than 7% of the optimal return. However, risk-neutral retailers are subject to four times higher risk in their returns than risk-seeking retailers. The results support the conclusion that wholesale markets of electricity are more favourable to risk-seeking retailers, considering their real returns.
- Strategic Bidding of Retailers in Wholesale Markets: Continuous Intraday Markets and Hybrid Forecast MethodsPublication . Algarvio, Hugo; Lopes, FernandoABSTRACT: The deregulation process of the electricity sector has led to competition in wholesale and retail markets. In particular, retailers submit bids to wholesale markets to satisfy the energy needs associated with portfolios of end-use customers. This paper describes a strategic process for retailers bidding in a wholesale market composed of a day-ahead market, an intraday market, and a balancing market. It considers a market design that involves a hybrid model for the intraday market, based on daily auctions and a continuous procedure. The paper also presents a computational study to illustrate and test both the market design and the strategic bidding process of retailers. The results confirm the advantages of considering a continuous intraday market, show that bidding in short-term markets is more beneficial than bidding in medium-term markets, and indicate important aspects to consider when selecting customers to add to the portfolios of retailers.