{"title":"An agent based model of a frequency activated electricity reserve market","authors":"Markus Loschenbrand, M. Korpås","doi":"10.1109/PMAPS.2016.7764159","DOIUrl":null,"url":null,"abstract":"This paper introduces an agent based model for Frequency Activated Reserve Markets. Generation Units (GenUns) bid both prices and quantity in interconnected and dynamically congested Market Areas in order to reach their optimal production point. The units are limited by their spare capacity after their actions on the spot market. Generation Companies (GenCos) manage the strategy portfolios of their subordinate agents with the goal of coordinating the bidding behavior and subsequently increasing profits. A case study of Monte Carlo simulated units will show the dominance of Marginal Cost bidding over different periods and pricing modes (System Price and Pay-as-Bid) as well as the quality of the chosen modeling approach.","PeriodicalId":265474,"journal":{"name":"2016 International Conference on Probabilistic Methods Applied to Power Systems (PMAPS)","volume":"36 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2016-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"2016 International Conference on Probabilistic Methods Applied to Power Systems (PMAPS)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1109/PMAPS.2016.7764159","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 1
Abstract
This paper introduces an agent based model for Frequency Activated Reserve Markets. Generation Units (GenUns) bid both prices and quantity in interconnected and dynamically congested Market Areas in order to reach their optimal production point. The units are limited by their spare capacity after their actions on the spot market. Generation Companies (GenCos) manage the strategy portfolios of their subordinate agents with the goal of coordinating the bidding behavior and subsequently increasing profits. A case study of Monte Carlo simulated units will show the dominance of Marginal Cost bidding over different periods and pricing modes (System Price and Pay-as-Bid) as well as the quality of the chosen modeling approach.
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