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An agent based model for optimal generation mix based on price elasticity of aggregated consumer demand

An agent based model for optimal generation mix based on price elasticity of aggregated consumer demand
An agent based model for optimal generation mix based on price elasticity of aggregated consumer demand
This work has its interests in the relation between the generation mix within a power system and the elasticity of demand based on the prices emerging from the short term electricity market. The paper starts by describing a new agent-based modelling framework that involves electricity producers, consumers and suppliers as agents participating in a market environment. The framework allows for investigating the effect of demand elasticities on bidding of generators in the short term market and its influence on their revenue in the long term. We focus on the increasingly important issue of renewable technology such as wind generation and the volatility it brings into the electricity market. Specifically we investigate three scenarios with varying mix of generating technologies such as coal, gas and wind turbines and measure the aggregate demand response to signals such as the System Buy Prices (SBP) emerging out of the balancing market.
Pakka, V.H.
37b47803-8f2f-45f5-b06e-5bba23c9eb50
Ardestani, B.M.
d6ca9050-e91f-4a5b-90cb-018b8761ce66
Rylatt, M.
5467ad0a-af93-41ea-851e-5b0681cd4b16
Pakka, V.H.
37b47803-8f2f-45f5-b06e-5bba23c9eb50
Ardestani, B.M.
d6ca9050-e91f-4a5b-90cb-018b8761ce66
Rylatt, M.
5467ad0a-af93-41ea-851e-5b0681cd4b16

Pakka, V.H., Ardestani, B.M. and Rylatt, M. (2013) An agent based model for optimal generation mix based on price elasticity of aggregated consumer demand. 13th Portuguese-Spanish International Conference of Electrical Engineering, Valencia, Spain. 02 - 04 Jul 2013. 5 pp .

Record type: Conference or Workshop Item (Paper)

Abstract

This work has its interests in the relation between the generation mix within a power system and the elasticity of demand based on the prices emerging from the short term electricity market. The paper starts by describing a new agent-based modelling framework that involves electricity producers, consumers and suppliers as agents participating in a market environment. The framework allows for investigating the effect of demand elasticities on bidding of generators in the short term market and its influence on their revenue in the long term. We focus on the increasingly important issue of renewable technology such as wind generation and the volatility it brings into the electricity market. Specifically we investigate three scenarios with varying mix of generating technologies such as coal, gas and wind turbines and measure the aggregate demand response to signals such as the System Buy Prices (SBP) emerging out of the balancing market.

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More information

Published date: July 2013
Venue - Dates: 13th Portuguese-Spanish International Conference of Electrical Engineering, Valencia, Spain, 2013-07-02 - 2013-07-04
Organisations: Agents, Interactions & Complexity

Identifiers

Local EPrints ID: 368760
URI: http://eprints.soton.ac.uk/id/eprint/368760
PURE UUID: 49b919c8-4b24-48f1-95e1-aa26d8beb8ae

Catalogue record

Date deposited: 01 Oct 2014 14:14
Last modified: 10 Apr 2020 16:38

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Contributors

Author: V.H. Pakka
Author: B.M. Ardestani
Author: M. Rylatt

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