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Advisor(s)
Abstract(s)
Traditional vertically integrated power utilities around the world have evolved from monopoly structures to open markets that promote competition among suppliers and provide consumers with a choice of services. Market forces drive the price of electricity and reduce the net cost through increased competition. Electricity can be traded in both organized markets or using forward bilateral contracts. This article focuses on bilateral contracts and describes some important features of an agent-based system for bilateral trading in competitive markets. Special attention is devoted to the negotiation process, demand response in bilateral contracting, and risk management. The article also presents a case study on forward bilateral contracting: a retailer agent and a customer agent negotiate a 24h-rate tariff. © 2014 IEEE.
Description
Keywords
Bilateral contracting Demand response Energy markets Multi-agent systems Risk management Trading strategies
Citation
LOPES, Fernando; [et. al] - Multi-agent Simulation of Bilateral Contracting in Competitive Electricity Markets. International Workshop on Database and Expert Systems Applications, DEXA. ISSN 1529-4188. (2014), pp. 131-135
Publisher
IEEE - Institute of Electrical and Electronics Engineers Inc.