Engineering Interrelated Electricity Markets: An Agent-Based Computational Approach

✍ Scribed by Dr. Anke Weidlich (auth.)

• Publisher: Physica-Verlag Heidelberg
• Year: 2009
• Tongue: English
• Leaves: 177
• Series: Contributions to Management Science
• Edition: 1
• Category: Library

✦ Synopsis

Due to the characteristics of electricity, power markets rank among the most complex markets operated at present. The requirements of an environmentally sustainable, economically efficient, and secure energy supply have resulted in the emergence of several interrelated markets that have to be carefully engineered in order to ensure efficient market outcomes.

This book presents an agent-based simulation model that facilitates electricity market research. Simulation outcomes from this model are validated against price data from German power markets. The results significantly contribute to existing research in agent-based simulation and electricity market modeling, and provide insights into the impact of the market structure and market design on electricity prices.

The book addresses researchers, lecturers and students who are interested in applying agent-based simulation to power markets. It provides a thorough discussion of the methodology and helpful details for model implementation.

✦ Table of Contents

Front Matter....Pages i-xxi
Introduction....Pages 3-6
Wholesale Electricity and Emissions Trading....Pages 7-19
Agent-Based Computational Economics....Pages 21-55
Representation of Learning and Adaptation....Pages 59-83
The Electricity Sector Simulation Model....Pages 85-117
Simulation Scenarios and Results....Pages 121-136
Conclusion and Outlook....Pages 137-140
Back Matter....Pages 141-174

✦ Subjects

Energy Economics; Operations Research/Decision Theory; Information Systems Applications (incl.Internet); Technology Management