Integrated Agent-Based and Production Cost Modeling Framework for Renewable Energy Studies

Giulia Gallo

doi:10.1109/HICSS.2016.299

Integrated Agent-Based and Production Cost Modeling Framework for Renewable Energy Studies

Giulia Gallo

Power Systems Engineering

Research output: Contribution to conference › Paper

6 Scopus Citations

Abstract

The agent-based framework for renewable energy studies (ARES) is an integrated approach that adds an agent-based model of industry actors to PLEXOS and combines the strengths of the two to overcome their individual shortcomings. It can examine existing and novel wholesale electricity markets under high penetrations of renewables. ARES is demonstrated by studying how increasing levels of wind will impact the operations and the exercise of market power of generation companies that exploit an economic withholding strategy. The analysis is carried out on a test system that represents the Electric Reliability Council of Texas energy-only market in the year 2020. The results more realistically reproduce the operations of an energy market under different and increasing penetrations of wind, and ARES can be extended to address pressing issues in current and future wholesale electricity markets.

Original language	American English
Pages	2390-2399
Number of pages	10
DOIs	https://doi.org/10.1109/HICSS.2016.299
State	Published - 2016
Event	2016 49th Hawaii International Conference on System Sciences (HICSS) - Koloa, Hawaii Duration: 5 Jan 2016 → 8 Jan 2016

Conference

Conference	2016 49th Hawaii International Conference on System Sciences (HICSS)
City	Koloa, Hawaii
Period	5/01/16 → 8/01/16

Bibliographical note

See NREL/CP-5D00-64660 for preprint

NREL Publication Number

NREL/CP-5D00-64659

Keywords

agent-based modeling
electricity markets
ERCOT
high renewables penetration
National Renewable Energy Laboratory
NREL
PLEXOS

Access to Document

10.1109/HICSS.2016.299

Cite this

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title = "Integrated Agent-Based and Production Cost Modeling Framework for Renewable Energy Studies",

abstract = "The agent-based framework for renewable energy studies (ARES) is an integrated approach that adds an agent-based model of industry actors to PLEXOS and combines the strengths of the two to overcome their individual shortcomings. It can examine existing and novel wholesale electricity markets under high penetrations of renewables. ARES is demonstrated by studying how increasing levels of wind will impact the operations and the exercise of market power of generation companies that exploit an economic withholding strategy. The analysis is carried out on a test system that represents the Electric Reliability Council of Texas energy-only market in the year 2020. The results more realistically reproduce the operations of an energy market under different and increasing penetrations of wind, and ARES can be extended to address pressing issues in current and future wholesale electricity markets.",

keywords = "agent-based modeling, electricity markets, ERCOT, high renewables penetration, National Renewable Energy Laboratory, NREL, PLEXOS",

author = "Giulia Gallo",

note = "See NREL/CP-5D00-64660 for preprint; 2016 49th Hawaii International Conference on System Sciences (HICSS) ; Conference date: 05-01-2016 Through 08-01-2016",

year = "2016",

doi = "10.1109/HICSS.2016.299",

language = "American English",

pages = "2390--2399",

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N1 - See NREL/CP-5D00-64660 for preprint

PY - 2016

Y1 - 2016

N2 - The agent-based framework for renewable energy studies (ARES) is an integrated approach that adds an agent-based model of industry actors to PLEXOS and combines the strengths of the two to overcome their individual shortcomings. It can examine existing and novel wholesale electricity markets under high penetrations of renewables. ARES is demonstrated by studying how increasing levels of wind will impact the operations and the exercise of market power of generation companies that exploit an economic withholding strategy. The analysis is carried out on a test system that represents the Electric Reliability Council of Texas energy-only market in the year 2020. The results more realistically reproduce the operations of an energy market under different and increasing penetrations of wind, and ARES can be extended to address pressing issues in current and future wholesale electricity markets.

AB - The agent-based framework for renewable energy studies (ARES) is an integrated approach that adds an agent-based model of industry actors to PLEXOS and combines the strengths of the two to overcome their individual shortcomings. It can examine existing and novel wholesale electricity markets under high penetrations of renewables. ARES is demonstrated by studying how increasing levels of wind will impact the operations and the exercise of market power of generation companies that exploit an economic withholding strategy. The analysis is carried out on a test system that represents the Electric Reliability Council of Texas energy-only market in the year 2020. The results more realistically reproduce the operations of an energy market under different and increasing penetrations of wind, and ARES can be extended to address pressing issues in current and future wholesale electricity markets.

KW - agent-based modeling

KW - electricity markets

KW - ERCOT

KW - high renewables penetration

KW - National Renewable Energy Laboratory

KW - NREL

KW - PLEXOS

U2 - 10.1109/HICSS.2016.299

DO - 10.1109/HICSS.2016.299

M3 - Paper

SP - 2390

EP - 2399

T2 - 2016 49th Hawaii International Conference on System Sciences (HICSS)

Y2 - 5 January 2016 through 8 January 2016

ER -

Integrated Agent-Based and Production Cost Modeling Framework for Renewable Energy Studies

Abstract

Conference

Bibliographical note

NREL Publication Number

Keywords

Access to Document

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Cite this