An agent-based computational laboratory for testing the economic reliability of wholesale power market designs

Koesrindartoto, Deddy P.; Sun, Junjie; Tesfatsion, Leigh

doi:10.1109/pes.2005.1489273

Cited by 34 publications

(24 citation statements)

References 15 publications

(10 reference statements)

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“…; (Atkins et al, 2004a); (Koesrindartoto et al, 2005): Social Learning algorithms -e.g. (Richter and Sheblè, 1998); ;…”

Section: Discussionmentioning

confidence: 99%

“…A further agent-based simulation framework called AMES (Agent-based Modelling of Electricity Systems) is presented by Koesrindartoto et al (Koesrindartoto and Tesfatsion, 2004;Koesrindartoto et al, 2005). The system is developed to allow intensive reliability and efficiency testing of the Wholesale Power Market Platform (WPMP) which has been proposed for common adoption by all U.S. wholesale power markets.…”

Section: Analysis Of Market Efficiency In Congested Electricity Gridsmentioning

confidence: 99%

See 1 more Smart Citation

Agent-based Simulation of Electricity Markets -A Literature Review-

Sensfuß

Ragwitz

Genoese

et al. 2007

Energy Studies Review

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may AbstractLiberalisation, climate policy and promotion of renewable energy are challenges to players of the electricity sector in many countries. Policy makers have to consider issues like market power, bounded rationality of players and the appearance of fluctuating energy sources in order to provide adequate legislation. Furthermore the interactions between markets and environmental policy instruments become an issue of increasing importance. A promising approach for the scientific analysis of these developments is the field of agent-based simulation. The goal of this article is to provide an overview of the current work applying this methodology to the analysis of electricity markets.

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“…; (Atkins et al, 2004a); (Koesrindartoto et al, 2005): Social Learning algorithms -e.g. (Richter and Sheblè, 1998); ;…”

Section: Discussionmentioning

confidence: 99%

Section: Analysis Of Market Efficiency In Congested Electricity Gridsmentioning

confidence: 99%

Agent-based Simulation of Electricity Markets -A Literature Review-

Sensfuß

Ragwitz

Genoese

et al. 2007

Energy Studies Review

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“…Though the bottom-up approaches may simulate liberal energy market, the conventional energy models cannot capture learning effect, asymmetric information, imperfect competition, and strategic interaction including collusions between companies in the market (Sensfuß et al, 2007;Weidlich and Veit, 2008). In this case, ABM is preferable because it could simulate strategic behaviors of electricity companies especially for pricing analysis (Koesrindartoto et al, 2005).…”

Section: Which Tools To Use? a Synthesismentioning

confidence: 99%

Selecting Tools for Renewable Energy Analysis in Developing Countries: An Expanded Review

et al. 2017

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Renewable energy planners in developing countries should be cautious in using analytical tools formulated in developed countries. Traditional energy consumption, economic and demography transitions, high-income inequality, and informal economy are some characteristics of developing countries that may contradict the assumptions of mainstream, widely used analytical tools. In this study, we synthesize the debate in previous review studies on energy models for developing countries and then extend the scope of the previous studies by highlighting emerging methods of system thinking, life cycle thinking, and decision support analysis. We then discuss how these tools have been used for renewable energy analysis in developing countries and found out that not all studies are aware of the emerging critical issues in developing countries. We offer here a guidance to select the most appropriate analytical tool, mainly when dealing with energy modeling and analysis for developing countries. We also suggest potential future improvements to the analytical tool for renewable energy modeling and analysis in the developing countries.

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“…Entriken and Wan (2005) developed and used computer-based agents to simulate the impact of the California ISO and proposed automatic mitigation procedure for limiting the exercise of market power. Koesrindartoto, Sun and Tesfatsion (2005) tested the reliability of the economic reliability of wholesale power market using an agent-based computational economics model. Bagnall and Smith (2005) used an agent-based computational economics approach for studying the effect of alternative structures and mechanisms on behaviour in a simulated model of the new electricity trading arrangements in England and Wales electricity market.…”

Section: Literature Reviewmentioning

confidence: 99%

Navigating Towards a Sustainable Electricity Supply in Indonesia

Sugianto

2014

MAS

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The realization that natural resources are limited has triggered a global sustainability movement, including in the electricity sector. Sustainable electricity supply is within the national agenda of many countries given that the demand for electricity has shown a consistent increase over many decades. An important aspect of sustainable electricity supply is the pricing of electricity. The objective of this study is to explore the effectiveness of a competitive electricity market structure in the Indonesian case. While restructuring, deregulation and privatization in the electricity industry is aimed at improving efficiency in electricity supply and ensuring competitive electricity price, experiences from other countries indicate that competitive market can lead to high price volatility and gaming behavior among market players, leading to more expensive electricity price. This study proposes to use an agent based model to simulate a competitive market. The focus of the study has been on the installed generation capacity in the region to ensure availability of supply and competitive pricing. The study features the Java-Bali grid and uses the half-hourly demand data from the region to observe the pricing dynamics.

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An agent-based computational laboratory for testing the economic reliability of wholesale power market designs

Cited by 34 publications

References 15 publications

Agent-based Simulation of Electricity Markets -A Literature Review-

Agent-based Simulation of Electricity Markets -A Literature Review-

Selecting Tools for Renewable Energy Analysis in Developing Countries: An Expanded Review

Navigating Towards a Sustainable Electricity Supply in Indonesia

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