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| Content Provider | IEEE Xplore Digital Library |
|---|---|
| Author | Jianhui Wang Botterud, A. Conzelmann, G. Koritarov, V.S. |
| Copyright Year | 2008 |
| Description | Author affiliation: Decision & Inf. Sci. Div., Argonne Nat. Lab., Argonne, IL (Jianhui Wang; Botterud, A.; Conzelmann, G.; Koritarov, V.S.) |
| Abstract | In this paper, an agent-based modeling and simulation (ABMS) approach is used to model the German wholesale electricity market. The spot market prices in the European Energy Exchange (EEX) are studied as the wholesale market prices. Each participant in the market is modeled as an individual rationality-bounded agent whose objective is to maximize its own profit. By simulating the market clearing process, the interaction among agents is captured. The market clearing price formed by agentspsila production cost bidding is regarded as the reference marginal cost. The gap between the marginal cost and the real market price is measured as an indicator of possible market power exertion. Various bidding strategies such as physical withholding and economic withholding can be simulated to represent strategic bidding behaviors of the market participants. The preliminary simulation results show that some generation companies (GenCos) are in the position of exerting market power by strategic bidding. |
| Starting Page | 1 |
| Ending Page | 8 |
| File Size | 1097245 |
| Page Count | 8 |
| File Format | |
| ISBN | 9781424419050 |
| ISSN | 19325517 |
| DOI | 10.1109/PES.2008.4596563 |
| Language | English |
| Publisher | Institute of Electrical and Electronics Engineers, Inc. (IEEE) |
| Publisher Date | 2008-07-20 |
| Publisher Place | USA |
| Access Restriction | Subscribed |
| Rights Holder | Institute of Electrical and Electronics Engineers, Inc. (IEEE) |
| Subject Keyword | Biological system modeling Power markets Load modeling Adaptation model Production Companies Electricity market power Agent-based modeling and simulation EEX market electricity markets electricity prices |
| Content Type | Text |
| Resource Type | Article |
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