Agent-based simulation for symmetric electricity market considering price-based demand response
Authored by Ziqing Jiang, Qian Ai
Date Published: 2017
DOI: 10.1007/s40565-017-0270-7
Sponsors:
Chinese National Natural Science Foundation
Platforms:
Repast
Model Documentation:
Other Narrative
Mathematical description
Model Code URLs:
Model code not found
Abstract
With the development of electricity market mechanism and advanced
metering infrastructure (AMI), demand response has become an important
alternative solution to improving power system reliability and
efficiency. In this paper, the agent-based modelling and simulation
method is applied to explore the impact of symmetric market mechanism
and demand response on electricity market. The models of market
participants are established according to their behaviors. Consumers'
response characteristics under time-of-use (TOU) mechanism are also
taken into account. The level of clearing price and market power are
analyzed and compared under symmetric and asymmetric market mechanisms.
The results indicate that the symmetric mechanism could effectively
lower market prices and avoid monopoly. Besides, TOU could apparently
flatten the overall demand curve by enabling customers to adjust their
load profiles, which also helps to reduce the price.
Tags
agent-based simulation
electricity market
Demand response
Unit commitment
Trading
mechanism