Electricity market and renewable energy integration: An agent-based conceptual model

Abstract

The emergence of electricity markets and the opportunities consequently created have radically modified the operation planning activities of Power Systems. As direct result, there is the need for developing new methods to meet in an efficient way the requirements of generation companies, so to respond adequately to new challenges such as market competition. Agent-based models have been proposed in the literature as surrogate to equilibrium models when the problem is too complex to be addressed within a traditional equilibrium framework. Driven by this trend, this paper discusses and proposes a conceptual model following the agent paradigm that deals with the inherent complexity of electricity markets. The devised model proved to be robust enough to represent key features of our study domain and is ready to be actually developed in a computational tool to help generation companies to build their short-medium term operation decisions in a more sounded and robust way.