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Multi-Agent Energy Markets with High Levels of Renewable Generation: A Case-Study on Forecast Uncertainty and Market Closing Time

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Distributed Computing and Artificial Intelligence, 13th International Conference

Part of the book series: Advances in Intelligent Systems and Computing ((AISC,volume 474))

Abstract

This article uses an agent-based system to analyze the potential impacts of variable generation on wholesale electricity markets. Specifically, the article presents some important features of the agent-based system, introduces a method to forecast wind power, and describes a case study to analyze the impact of both wind forecast errors and high levels of wind generation on the outcomes of the day-ahead market. The case study involved two simulations: a base case, where the market closes at 12:00 noon and the bids of a wind producer agent are based on a forecast performed 12 to 36 hours ahead, and an updated forecast case, where the market closes at 6:00 p.m. and the bids of the wind producer agent are based on an updated forecast. The results indicate that wind power forecast uncertainty may indeed influence market prices, highlighting the importance of adaptations to the market closing time.

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References

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Author information

Authors and Affiliations

  1. Instituto Superior Técnico, Universidade de Lisboa, INESC-ID, Lisboa, Portugal

    Hugo Algarvio & João Santana

  2. LNEG-National Research Institute, Est. Paço do Lumiar 22, Lisboa, Portugal

    Hugo Algarvio, António Couto, Fernando Lopes & Ana Estanqueiro

Authors
  1. Hugo Algarvio
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  2. António Couto
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  3. Fernando Lopes
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  4. Ana Estanqueiro
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  5. João Santana
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Corresponding author

Correspondence to Hugo Algarvio .

Editor information

Editors and Affiliations

  1. Faculty of Engineering, Osaka Institute of Technology Faculty of Engineering, Osaka, Osaka, Japan

    Sigeru Omatu

  2. Faculty of Computer Science & Informatio, Universiti Teknologi Malaysia (UTM) Faculty of Computer Science & Informatio, Baharu, Malaysia

    Ali Semalat

  3. Department of Electronics and Compu, Koszalin University of Technology Department of Electronics and Compu, Koszalin, Poland

    Grzegorz Bocewicz

  4. Faculty of Electrical Engineering and Cs, Kielce University of Technology Faculty of Electrical Engineering and Cs, Kielce, Poland

    Paweł Sitek

  5. Faculty of Engineering and Science, Aalborg University Faculty of Engineering and Science, Aalborg, Denmark

    Izabela E. Nielsen

  6. ETS Ingeniería Informática, University of Sevilla ETS Ingeniería Informática, Sevilla, Spain

    Julián A. García García

  7. Departamento de Inteligencia Artificial, Universidad Politécnica de Madrid Departamento de Inteligencia Artificial, Madrid, Spain

    Javier Bajo

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Algarvio, H., Couto, A., Lopes, F., Estanqueiro, A., Santana, J. (2016). Multi-Agent Energy Markets with High Levels of Renewable Generation: A Case-Study on Forecast Uncertainty and Market Closing Time. In: Omatu, S., et al. Distributed Computing and Artificial Intelligence, 13th International Conference. Advances in Intelligent Systems and Computing, vol 474. Springer, Cham. https://doi.org/10.1007/978-3-319-40162-1_37

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  • DOI: https://doi.org/10.1007/978-3-319-40162-1_37

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-319-40161-4

  • Online ISBN: 978-3-319-40162-1

  • eBook Packages: EngineeringEngineering (R0)

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