The electricity market as a multi-agent system

Abstract

This paper proposes a multi-agent based simulation (MABS) framework to construct an artificial electric power market where heterogeneous, rationally bounded and learning agents co-evolve dynamically. The proposed framework aims to facilitate the integration of two MABS constructs: (i) the design of the environmental physical properties and entities, and (ii) the simulation models of resources and both the decision-making (deliberative) and reactive agents. The framework is materialized in an experimental setup involving distinct power generator companies which operate in the market and search for the trading strategies that best exploit their generating unitspsila resources. The experimental results show a coherent market behavior that emerges from the overall simulated environment.