Fuzzy cognitive maps for modelling and monitoring of deregulated electricity markets

The fundamental objective underlying electricity market restructuring is to promote competition and provide an efficient power market in order to bring cost savings to consumers over the regulated structure. These objectives have not been measured, however, and indeed may not be achievable if there are structural problems in the market and significant abuse of market power. Fuzzy Cognitive Maps (FCMs) have become an important means for describing a particular domain showing the concepts (variables) and the relationship between them. FCMs is a new approach in modelling the behaviour and operation of complex systems. In this paper, a FCM-based deregulated electricity market model for market monitoring will be proposed.