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Market abstraction of energy markets and policies - application in an agent-based modeling toolbox

  • In light of emerging challenges in energy systems, markets are prone to changing dynamics and market design. Simulation models are commonly used to understand the changing dynamics of future electricity markets. However, existing market models were often created with specific use cases in mind, which limits their flexibility and usability. This can impose challenges for using a single model to compare different market designs. This paper introduces a new method of defining market designs for energy market simulations. The proposed concept makes it easy to incorporate different market designs into electricity market models by using relevant parameters derived from analyzing existing simulation tools, morphological categorization and ontologies. These parameters are then used to derive a market abstraction and integrate it into an agent-based simulation framework, allowing for a unified analysis of diverse market designs. Furthermore, we showcase the usability of integrating new types of long-term contracts and over-the-counter trading. To validate this approach, two case studies are demonstrated: a pay-as-clear market and a pay-as-bid long-term market. These examples demonstrate the capabilities of the proposed framework.

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Author:Florian MaurerORCiD, Kim K. MiskiwORCiD, Rebeca Ramirez AcostaORCiD, Nick HarderORCiD, Volker SanderORCiD, Sebastian LehnhoffORCiD
ISBN:978-3-031-48651-7 (Print)
ISBN:978-3-031-48652-4 (eBook)
Parent Title (English):EI.A 2023: Energy Informatics
Place of publication:Cham
Editor:Bo Norregaard Jorgensen, Luiz Carlos Pereira da Silva, Zheng Ma
Document Type:Conference Proceeding
Year of Completion:2023
Date of the Publication (Server):2023/12/07
Tag:Agent-based simulation; Energy market design; Market modeling
First Page:139
Last Page:157
Energy Informatics Academy Conference, 6-8 December 23, Campinas, Brazil.
Part of the Lecture Notes in Computer Science book series (LNCS,volume 14468).
Institutes:FH Aachen / Fachbereich Medizintechnik und Technomathematik
FH Aachen / Nowum-Energy
collections:Verlag / Springer