Agent-Based Simulation of Retail Electricity Markets: Bilateral Trading Players

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 o...

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Bibliographic Details
Published in2013 24th International Workshop on Database and Expert Systems Applications pp. 189 - 193
Main Authors Lopes, Fernando, Algarvio, Hugo, Coelho, Helder
Format Conference Proceeding
LanguageEnglish
Published IEEE 01.08.2013
Subjects
Bilateral contracting
Companies
Computational modeling
Contracts
deregulated electricity markets
Electricity
Electricity supply industry
Generators
Object oriented modeling
software agents
trading strategies
two-party negotiation
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ISBN9780769550701
0769550703
ISSN1529-4188
DOI10.1109/DEXA.2013.50

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Summary: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.
ISBN:9780769550701
0769550703
ISSN:1529-4188
DOI:10.1109/DEXA.2013.50