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.
|Titolo della pubblicazione ospite||Emergent results of artificial economics|
|Numero di pagine||12|
|Stato di pubblicazione||Published - 2011|
|Nome||LECTURE NOTES IN ECONOMICS AND MATHEMATICAL SYSTEMS|
- Mathematics (miscellaneous)
- Economics, Econometrics and Finance (miscellaneous)