Agent-based price simulation of the German wholesale power market

Author

Maaz, A. ; Grote, F. ; Moser, A.

Author_Institution

Inst. of Power Syst. & Power Econ. (IAEW), RWTH Aachen Univ., Aachen, Germany

fYear

2015

Firstpage

1

Lastpage

5

Abstract

Recent and future changes in the European power generation system have a big impact on the dispatch of hydraulic and thermal generation units and on the power market. Therefore, this paper investigates the simulation of realistic spot market prices by taking into account agent bidding behavior. An agent-based market simulation method is presented and benchmarked against historic prices of the year 2012 on the German wholesale power market. Simulating cost based bidding strategies enable the model to simulate realistic price curves as well in medium price as in peak price situations.

Keywords

multi-agent systems; power engineering computing; power generation dispatch; power markets; tendering; European power generation system; German wholesale power market; agent based market simulation method; agent based price simulation; agent bidding behavior; hydraulic generation dispatch; realistic spot market prices; thermal generation dispatch; Europe; Learning (artificial intelligence); Load modeling; Optimization; Power generation; Power markets; Microeconomics; Power system economics; Power system simulation; Renewable energy sources;

fLanguage

English

Publisher

ieee

Conference_Titel

European Energy Market (EEM), 2015 12th International Conference on the

Conference_Location

Lisbon

Type

conf

DOI

10.1109/EEM.2015.7216698

Filename

7216698