Analyzing trade in continuous intra-day electricity market: An agent-based modeling approach

Adaptive learning; Agent-based modeling; Intra-day electricity markets; Renewable energy sources; Autonomous agents; Computational methods; Electric industry; Natural resources; Power markets; Renewable energy resources; Simulation platform; Thermoelectric power plants; Agent based modeling frameworks; Agent-based model; Comparative analysis; Degree of uncertainty; Information asymmetry; Renewable energy source; Thermal power plants; Trading strategies; Consumer behavior

Abstract :

[en] In recent years, the vast penetration of renewable energy sources has introduced a large degree of uncertainty into the power system, thus leading to increased trading activity in the continuous intra-day electricity market. In this paper, we propose an agent-based modeling framework to analyze the behavior and the interactions between renewable energy sources, consumers and thermal power plants in the European Continuous Intra-day (CID) market. Additionally, we propose a novel adaptive trading strategy that can be used by the agents that participate in CID market. The agents learn how to adapt their behavior according to the arrival of new information and how to react to changing market conditions by updating their willingness to trade. A comparative analysis was performed to study the behavior of agents when they adopt the proposed strategy as opposed to other benchmark strategies. The effects of unexpected outages and information asymmetry on the market evolution and the market liquidity were also investigated. © 2021 by the authors. Licensee MDPI, Basel, Switzerland.

Disciplines :

Energy

Author, co-author :

Shinde, P.; Division of Electric Power and Energy Systems, KTH Royal Institute of Technology, Stockholm, 11428, Sweden

Boukas, Ioannis ; Université de Liège - ULiège > Montefiore Institute of Electrical Engineering and Computer Science

Radu, David-Constantin ; Université de Liège - ULiège > Université de Liège - ULiège

de Villena, M.M.; Department of Electrical Engineering and Computer Science, University of Liège, Liège, 4000, Belgium

Amelin, M.; Division of Electric Power and Energy Systems, KTH Royal Institute of Technology, Stockholm, 11428, Sweden

Language :

English

Title :

Analyzing trade in continuous intra-day electricity market: An agent-based modeling approach

Publication date :

2021

Journal title :

Energies

ISSN :

1996-1073

Publisher :

MDPI AG

Volume :

Issue :

Peer reviewed :

Peer Reviewed verified by ORBi

Funding text :

This research was funded by the Swedish Energy Agency.Acknowledgments: The authors are thankful to the Swedish Energy Agency for the financial support to carry out this research work.

Available on ORBi :

since 25 November 2022

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