Agent-based simulation: an application to the new electricity trading arrangements of England and Wales.

Bunn, Derek W.; Oliveira, Fernando S.

Abstract

This paper presents a large-scale application of multiagent evolutionary modeling to the proposed new electricity trading arrangements (NETA) in the U.K. This is a detailed plant-by-plant model with an active specification of the demand side of the market. NETA involves a bilateral forward market followed by a balancing mechanism and then an imbalance settlement process. This agent-based simulation model was able to provide pricing and strategic insights, ahead of NETA's actual introduction.

Citation

BUNN, D.W. and OLIVEIRA, F.S. 2001. Agent-based simulation: an application to the new electricity trading arrangements of England and Wales. IEEE transactions on evolutionary computation [online], 5(5), pages 493-503. Available from: https://doi.org/10.1109/4235.956713

• Journal Article Type: Article
• Acceptance Date: Aug 30, 2000
• Online Publication Date: Oct 31, 2001
• Publication Date: Oct 31, 2001
• Deposit Date: Oct 21, 2023
• Publicly Available Date: Nov 15, 2023
• Journal: IEEE transactions on evolutionary computation
• Print ISSN: 1089-778X
• Electronic ISSN: 1941-0026
• Publisher: Institute of Electrical and Electronics Engineers (IEEE)
• Peer Reviewed: Peer Reviewed
• Volume: 5
• Issue: 5
• Pages: 493-503
• DOI: https://doi.org/10.1109/4235.956713
• Keywords: Agent-based models; Electricity market; Market modelling
• Public URL: https://rgu-repository.worktribe.com/output/2114841