IP1: Invited paper (Energy)
- A Review of Agent-based Modelling of Electricity Markets in a Future Energy Eco-Systems
Energy eco-systems are undergoing major modernization process due to demands that are placed on the electrical grid, including environmental compliance, energy efficiency, improved grid reliability and customer-centric relationship management. All this has the effect on energy business from both technical and economic points of view and hence smart changes are needed. The “smarts” in the future energy eco-systems will be achieved through vertical extension of the existing energy systems with the (i) information and communication technology (ICT) layer; and (ii) market layer, resulting with the added-value for both energy companies and retail customers. This paper gives a review of modelling the latter of these layers, i.e., the future energy market modelling. Market modelling is described as means to test and evaluate the market design prior to its real-world deployment. The special focus is placed on the agent-based modelling since it is conceived as a viable approach for addressing the issue of market modelling, especially in the complex environment such as the future energy eco-systems.