Engineering Interrelated Electricity Markets [electronic resource] : An Agent-Based Computational Approach / by Anke Weidlich.Material type: TextLanguage: English Series: Contributions to Management Science: Publisher: Heidelberg : Physica-Verlag HD, 2008Description: XXII, 174p. 68 illus. online resourceContent type: text Media type: computer Carrier type: online resourceISBN: 9783790820683Subject(s): Engineering | Information systems | Engineering economy | Technology | Engineering | Energy Economics | Operations Research/Decision Theory | Information Systems Applications (incl.Internet) | Technology ManagementAdditional physical formats: Printed edition:: No titleDDC classification: 333.79 LOC classification: HD9502-9502.5Online resources: Click here to access online
Motivation and Fundamentals -- Wholesale Electricity and Emissions Trading -- Agent-Based Computational Economics -- An Agent-Based Simulation Model for Interrelated Electricity Markets -- Representation of Learning and Adaptation -- The Electricity Sector Simulation Model -- Application, Evaluation and Discussion -- Simulation Scenarios and Results -- Conclusion and Outlook.
Due to the characteristics of electricity, power markets rank among the most complex markets operated at present. The requirements of an environmentally sustainable, economically efficient, and secure energy supply have resulted in the emergence of several interrelated markets that have to be carefully engineered in order to ensure efficient market outcomes. This book presents an agent-based simulation model that facilitates electricity market research. Simulation outcomes from this model are validated against price data from German power markets. The results significantly contribute to existing research in agent-based simulation and electricity market modeling, and provide insights into the impact of the market structure and market design on electricity prices. The book addresses researchers, lecturers and students who are interested in applying agent-based simulation to power markets. It provides a thorough discussion of the methodology and helpful details for model implementation.