Multi-agent electricity market modeling with EMCAS.

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Description

Electricity systems are a central component of modern economies. Many electricity markets are transitioning from centrally regulated systems to decentralized markets. Furthermore, several electricity markets that have recently undergone this transition have exhibited extremely unsatisfactory results, most notably in California. These high stakes transformations require the introduction of largely untested regulatory structures. Suitable tools that can be used to test these regulatory structures before they are applied to real systems are required. Multi-agent models can provide such tools. To better understand the requirements such as tool, a live electricity market simulation was created. This experience helped to shape the development ... continued below

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7 pages

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North, M.; Macal, C.; Conzelmann, G.; Koritarov, V.; Thimmapuram, P. & Veselka, T. September 5, 2002.

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This article is part of the collection entitled: Office of Scientific & Technical Information Technical Reports and was provided by UNT Libraries Government Documents Department to Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 13 times . More information about this article can be viewed below.

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Description

Electricity systems are a central component of modern economies. Many electricity markets are transitioning from centrally regulated systems to decentralized markets. Furthermore, several electricity markets that have recently undergone this transition have exhibited extremely unsatisfactory results, most notably in California. These high stakes transformations require the introduction of largely untested regulatory structures. Suitable tools that can be used to test these regulatory structures before they are applied to real systems are required. Multi-agent models can provide such tools. To better understand the requirements such as tool, a live electricity market simulation was created. This experience helped to shape the development of the multi-agent Electricity Market Complex Adaptive Systems (EMCAS) model. To explore EMCAS' potential, several variations of the live simulation were created. These variations probed the possible effects of changing power plant outages and price setting rules on electricity market prices.

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7 pages

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  • Computational Analysis of Social and Organizational Science Conference, Pittsburgh, PA (US), 06/21/2002--06/23/2002

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  • Report No.: ANL/DIS/CP-108599
  • Grant Number: W-31-109-ENG-38
  • Office of Scientific & Technical Information Report Number: 801575
  • Archival Resource Key: ark:/67531/metadc741135

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  • September 5, 2002

Added to The UNT Digital Library

  • Oct. 19, 2015, 7:39 p.m.

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  • March 30, 2016, 1:21 p.m.

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North, M.; Macal, C.; Conzelmann, G.; Koritarov, V.; Thimmapuram, P. & Veselka, T. Multi-agent electricity market modeling with EMCAS., article, September 5, 2002; Illinois. (digital.library.unt.edu/ark:/67531/metadc741135/: accessed August 20, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.