Title :
Agent-based simulation-an application to the new electricity trading arrangements of England and Wales
Author :
Bunn, Derek W. ; Oliveira, Fernando S.
Author_Institution :
Decision Sci. Dept., London Bus. Sch., UK
fDate :
10/1/2001 12:00:00 AM
Abstract :
This paper presents a large-scale application of multiagent evolutionary modeling to the proposed new electricity trading arrangements (NETA) in the UK. 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
Keywords :
digital simulation; electricity supply industry; multi-agent systems; England; NETA; UK; Wales; agent-based simulation; bilateral forward market; imbalance settlement process; large-scale application; multiagent evolutionary modeling; new electricity trading arrangements; plant-by-plant model; Analytical models; Character generation; Computational modeling; Electricity supply industry; Forward contracts; Large-scale systems; Oligopoly; Power markets; Power system economics; Pricing;
Journal_Title :
Evolutionary Computation, IEEE Transactions on
DOI :
10.1109/4235.956713
