An ACE wholesale electricity market frameworkwith bilateral trading

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Abstract

In this paper, an agent-based simulation model for a hybrid power market structure is presented. A bilateral transaction mechanism is combined with auniform-pricing auction settlement in order to isolate the impact of medium-termbilateral contracts on market power and spot prices in a competitive wholesale market setting. First we describe the negotiation method for bilateral trading of energyand then introduce a new approach for bidding in the DA market based on the loadduration curve. We find that, despite the conventional concerns, the foreclosure effect produced by the bilateral agreement between a generation and a retail businesswill not necessarily lead to higher prices, and will be manifested only according tothe specific market characteristics.
Lingua originaleEnglish
Titolo della pubblicazione ospiteEmergent results of artificial economics
Pagine177-188
Numero di pagine12
Stato di pubblicazionePublished - 2011

Serie di pubblicazioni

NomeLECTURE NOTES IN ECONOMICS AND MATHEMATICAL SYSTEMS

All Science Journal Classification (ASJC) codes

  • Mathematics (miscellaneous)
  • Economics, Econometrics and Finance (miscellaneous)

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