An Application of Agent-based Simulation to the New Electricity Trading Arrangements of England and Wales

Derek W. Bunn and Fernando Oliveira
Authors registered in the RePEc Author Service: Fernando Oliveira ()

No 93, Computing in Economics and Finance 2001 from Society for Computational Economics

Abstract: This paper presents a large-scale application of multi-agent, evolutionary modelling to the proposed new electricity trading arrangements (NETA) in the UK. This is a detailed, plant-by-plant model with an active specification of the demand side of the market. NETA involves a bilateral forwards market followed by a balancing mechanism, and then an imbalance settlement process. This agent-based simulation model has been able to provide pricing and strategic insights, ahead of NETA's actual introduction, to an extent which have eluded conventional economic analysis.

Keywords: Simulation: intelligent agents; Evolutionary economics; Electricity: competitive markets; Imperfect competition; Market design (search for similar items in EconPapers)
JEL-codes: C6 L1 Q4 (search for similar items in EconPapers)
Date: 2001-04-01
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Citations: View citations in EconPapers (55)

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Persistent link: https://EconPapers.repec.org/RePEc:sce:scecf1:93

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