Agent-based simulation of retail electricity markets: Bilateral trading players

Lopes, Fernando; Algarvio, Hugo; Coelho, Helder

http://hdl.handle.net/10400.9/2091

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Authors

Lopes, Fernando

Algarvio, Hugo

Coelho, Helder

Abstract(s)

The electricity industry throughout the world, which has long been dominated by vertically integrated utilities, has experienced major changes. Deregulation, unbundling, wholesale and retail wheeling, and real-time pricing were abstract concepts a few years ago. Today market forces drive the price of electricity and reduce the net cost through increased competition. As power markets continue to evolve, there is a growing need for advanced modeling approaches. Accordingly, this article looks at using software agents to help manage the complexity of electricity markets, particularly retail markets. The article focuses on bilateral trading and describes some important features of an agent-based system for bilateral contracting. Special attention is devoted to the characteristics and negotiation behaviour of Buyer and Seller agents.

Keywords

Electricity markets Trading strategies Bilateral contracting Software agents

URI

http://hdl.handle.net/10400.9/2091

Citation

Lopes, F.; Algarvio, H.; Coelho, H. Agent-based simulation of retail electricity markets: Bilateral trading players. In: 24th International Workshop on Database and Expert Systems Applications (DEXA), Los Alamitos, California, 26-30 August, 2013, p. 189-193