Agent-based Simulation of the German and French Wholesale Electricity Markets - Recent Extensions of the PowerACE Model with Exemplary Applications

Andreas Bublitz, Philipp Ringler, Massimo Genoese, Wolf Fichtner

2014

Abstract

Given electricity markets’ complexity, model-based analysis has proven to be a valuable tool for decision makers in related industries or politics. Among the different modelling techniques for electricity markets, agent-based modelling offers specific advantages. In this paper, the detailed agent-based simulation model for the wholesale electricity market, PowerACE, is presented with its latest extensions. The model integrates the short-term perspective of daily electricity trading and long-term capacity expansion planning. Various market elements are simulated including the day-ahead market as well as the coupling of different market areas with limited interconnection capacities. Strategic behaviour of the main supply-side agents is taken into account. The model has already been applied to various research questions regarding the development of electricity markets and the behaviour of market participants. In this contribution, exemplary results for the market coupling of the German and French wholesale electricity market are shown. In the future, due to the current developments in the electricity markets, the PowerACE modelling framework is to be extended by various aspects including the simulation of an intraday market and the integration of different aspects of uncertainty which becomes necessary given current developments in the electricity markets.

References

  1. APX-ENDEX; Belpex; EPEX Spot (2010): COSMOS description - CWE Market Coupling algorithm. Retrieved from http://static.epexspot.com/document/2 0015.
  2. Barreteau, O.; Bousquet, F.; Attonaty, J. (2001): RolePlaying Games for Opening the Black Box of MultiAgent Systems: Method and Lessons of Its Application to Senegal River Valley Irrigated Systems, In: Journal of Artificial Societies and Social Simulation 4 (2).
  3. Boiteux, M. (1964): Marginal Cost Pricing in Practice. London: Prentice-Hall.
  4. EPEX Spot (ed.) (2010): Project Document - A report for the regulators of the Central West European (CWE) region on the final design of the market coupling solution in the region, by the CWE MC Project. Retrieved from http://static.epexspot.com/document/7 616/01_CWE_ATC_MC_project_documentation.pdf.
  5. Genoese, M. (2010): Energiewirtschaftliche Analysen des deutschen Strommarkts mit agentenbasierter Simulation. Baden-Baden: Nomos.
  6. Genoese, M.; Fichtner W. (2012): PowerACE LAB: Planspiel Energiewirtschaft. In: WiSt 41 (6), pp. 335- 339.
  7. Genoese, M.; Sensfuß, F.; Möst, D.; Rentz, O. (2007): Agent-Based Analysis of the impact of CO2 Emission Trading on Spot Market Prices for Electricity in Germany. In: Pacific Journal of Optimization 3 (3); pp. 401-424.
  8. Guerci, E.; Rastegar, M. A.; Cincotti, S. (2010): Agentbased Modeling and Simulation of Competitive Wholesale Electricity Markets. In: Handbook of Power Systems II. Berlin, Springer, pp. 241-286.
  9. Guyot, P.; Honiden, S. (2006): Agent-based Participatory Simulations: Merging Multi-Agent Systems and RolePlaying Games. In: Journal of Artificial Societies and Social Simulation 9 (4).
  10. Meeus, L.; Vandezande, L.; Cole, S.; Belmans, R. (2009): Market Coupling and the importance of price coordination between power exchanges. In: Energy Economics 34 (3), pp. 228-234.
  11. Sensfuß, F. (2007): Assessment of the impact of renewable electricity generation on the German electricity sector: An agent-based simulation approach. Retrieved from http://digbib.ubka.uni-karlsruhe.de/ volltexte/documents/188330.
  12. Sensfuß, F.; Genoese, M.; Ragwitz, M.; Möst, D. (2007): Agent-based Simulation of Electricity Markets - A Literature Review. In: Energy Studies Review 15 (2).
  13. Sensfuß, F.; Ragwitz, M.; Genoese, M. (2008): The meritorder effect: A detailed analysis of the price effect of renewable electricity generation on spot market prices in Germany. In: Energy Policy 36 (8), pp. 3086-3094.
  14. Tesfatsion, L. (2006): Agent-Based Computational Economics: A Constructive Approach to Economic Theory. In: Judd, K. J.; Tesfatsion, L. (eds.). Handbook of Computational Economics, Volume 2. Agent-Based Computational Economics. NorthHolland.
  15. Ventosa, M.; Bai´llo, Á.; Ramos, A.; Rivier, M. (2005): Electricity market modeling trends. In: Energy Policy 33 (7), pp. 897-913.
  16. Weidlich, A.; Veit, D. (2008): A critical survey of agentbased wholesale electricity market models. In: Energy Economics 30 (4), S. 1728-1759.
Download


Paper Citation


in Harvard Style

Bublitz A., Ringler P., Genoese M. and Fichtner W. (2014). Agent-based Simulation of the German and French Wholesale Electricity Markets - Recent Extensions of the PowerACE Model with Exemplary Applications . In Proceedings of the 6th International Conference on Agents and Artificial Intelligence - Volume 2: ICAART, ISBN 978-989-758-016-1, pages 40-49. DOI: 10.5220/0004760000400049


in Bibtex Style

@conference{icaart14,
author={Andreas Bublitz and Philipp Ringler and Massimo Genoese and Wolf Fichtner},
title={Agent-based Simulation of the German and French Wholesale Electricity Markets - Recent Extensions of the PowerACE Model with Exemplary Applications},
booktitle={Proceedings of the 6th International Conference on Agents and Artificial Intelligence - Volume 2: ICAART,},
year={2014},
pages={40-49},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0004760000400049},
isbn={978-989-758-016-1},
}


in EndNote Style

TY - CONF
JO - Proceedings of the 6th International Conference on Agents and Artificial Intelligence - Volume 2: ICAART,
TI - Agent-based Simulation of the German and French Wholesale Electricity Markets - Recent Extensions of the PowerACE Model with Exemplary Applications
SN - 978-989-758-016-1
AU - Bublitz A.
AU - Ringler P.
AU - Genoese M.
AU - Fichtner W.
PY - 2014
SP - 40
EP - 49
DO - 10.5220/0004760000400049