Market Design Test Environments

Steven Widergren, Junjie Sun and Leigh Tesfatsion ()

Staff General Research Papers from Iowa State University, Department of Economics

Abstract: Power industry restructuring continues to evolve at multiple levels of system operations. At the bulk electricity level, several organizations charged with regional system operation are implementing versions of a Wholesale Power Market Platform (WPMP) in response to U.S. Federal Energy Regulatory Commission initiatives. Recently the Energy Policy Act of 2005 and several regional initiatives have been pressing the integration of demand response as a resource for system operations. These policy and regulatory pressures are driving the exploration of new market designs at the wholesale and retail levels. The complex interplay among structural conditions, market protocols, and learning behaviors in relation to short-term and longer-term market performance demand a flexible computational environment where designs can be tested and sensitivities to power system and market rule changes can be explored. This paper discusses the use of agent-based computational methods for the study of electricity markets at the wholesale and retail levels, and explores distinctions in problem formulation between these levels. Related work can be accessed at: http://www.econ.iastate.edu/tesfatsi/AMESMarketHome.htm

Keywords: Wholesale power markets; Retail power markets; Integrated energy modeling; Agent-based modeling (search for similar items in EconPapers)
JEL-codes: B4 C0 C6 C7 C72 C9 D4 D43 D8 L1 L13 L5 Q4 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-com and nep-ene
Date: 2006-03-06
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Persistent link: http://EconPapers.repec.org/RePEc:isu:genres:12516

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