Modeling and analysis of a decentralized electricity market: An integrated simulation/optimization approach

Kemal Sarıca, Gürkan Kumbaroğlu and Ilhan Or

Energy, 2012, vol. 44, issue 1, 830-852

Abstract: In this study, a model is developed to investigate the implications of an hourly day-ahead competitive power market on generator profits, electricity prices, availability and supply security. An integrated simulation/optimization approach is employed integrating a multi-agent simulation model with two alternative optimization models. The simulation model represents interactions between power generator, system operator, power user and power transmitter agents while the network flow optimization model oversees and optimizes the electricity flows, dispatches generators based on two alternative approaches used in the modeling of the underlying transmission network: a linear minimum cost network flow model and a non-linear alternating current optimal power flow model. Supply, demand, transmission, capacity and other technological constraints are thereby enforced.

Keywords: Multi-agent simulation; Alternative current optimum power flow; Minimum cost network flow; Electricity market modeling and design (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:44:y:2012:i:1:p:830-852

DOI: 10.1016/j.energy.2012.05.009

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