TY  - CHAP
A1  - Maurer, Florian
A1  - Nitsch, Felix
A1  - Kochems, Johannes
A1  - Schimeczek, Christoph
A1  - Sander, Volker
A1  - Lehnhoff, Sebastian
T1  - Know your tools - a comparison of two open agent-based energy market models
T2  - 2024 20th International Conference on the European Energy Market (EEM)
N2  - Due to the transition to renewable energies, electricity markets need to be made fit for purpose. To enable the comparison of different energy market designs, modeling tools covering market actors and their heterogeneous behavior are needed. Agent-based models are ideally suited for this task. Such models can be used to simulate and analyze changes to market design or market mechanisms and their impact on market dynamics. In this paper, we conduct an evaluation and comparison of two actively developed open-source energy market simulation models. The two models, namely AMIRIS and ASSUME, are both designed to simulate future energy markets using an agent-based approach. The assessment encompasses modelling features and techniques, model performance, as well as a comparison of model results, which can serve as a blueprint for future comparative studies of simulation models. The main comparison dataset includes data of Germany in 2019 and simulates the Day-Ahead market and participating actors as individual agents. Both models are comparable close to the benchmark dataset with a MAE between 5.6 and 6.4 €/MWh while also modeling the actual dispatch realistically.
KW  - Comparative simulation
KW  - Measurement
KW  - Analytical models
KW  - Renewable energy sources
KW  - Simulation
KW  - Instruments
KW  - Refining
KW  - Focusing
KW  - Agent-based modeling
KW  - Energy market
KW  - Open source
KW  - Energy dispatch
Y1  - 2024
U6  - https://doi.org/10.1109/EEM60825.2024.10609021
N1  - 2024 20th International Conference on the European Energy Market (EEM), 10-12 June 2024, Istanbul, Turkiye
PB  - IEEE
CY  - New York, NY
ER  -