Agent-based Simulation in Market Engineer- ing - Bidding under Uncertainty

Strategic Bidding in a Pool-Based Electricity Market under Load Forecast Uncertainty

This paper proposes a method for determining the price bidding strategies of market participants consisting of Generation Companies (GENCOs) and Distribution Companies (DISCOs) in a day-ahead electricity market, while taking into consideration the load forecast uncertainty and demand response programs. The proposed algorithm tries to find a Pareto optimal point for a risk neutral participan...

Energy management of virtual power plant to participate in the electricity market using robust optimization

Virtual power plant (VPP) can be studied to investigate how energy is purchased or sold in the presence of electricity market price uncertainty. The VPP uses different intermittent distributed sources such as wind turbine, flexible loads, and locational marginal prices (LMPs) in order to obtain profit. VPP should propose bidding/offering curves to buy/sell from/to day-ahead market. In this pape...

Adaptive bidding in single sided auctions under uncertainty: an agent-based approach in market engineering

Agent-Based Simulation in Market Engineering

The development of the internet has led to a renaissance of traditional auction mechanisms in electronic form. Electronic auctions are used in manifold ways, e.g. in procurement processes as well as in the C2C area. The design of electronic auctions is important since the microstructural rules affect the auctions’ outcome. Market Engineering is a structured approach to develop and study electro...

Probabilistic GENCOs Bidding Strategy in Restructured Two-Side Auction Power Markets

As a matter of course, power market uncertainties escalation is by product of power industry restructure on one hand and the unrivalled penetration of renewable energies on the other. Generally, the decision making process in such an uncertain environment faces with different risks. In addition, the performance of real power markets is very close to oligopoly markets, in which, some market play...