Agent-based simulation of electricity markets: a survey of tools

  • Authors:

  • Zhi Zhou;Wai Kin Chan;Joe H. Chow

  • Affiliations:

  • Department of Decision Sciences and Engineering Systems, Rensselaer Polytechnic Institute, Troy, USA 12180;Department of Decision Sciences and Engineering Systems, Rensselaer Polytechnic Institute, Troy, USA 12180;Department of Electrical, Computer, and Systems Engineering, Rensselaer Polytechnic Institute, Troy, USA 12180

  • Venue:
  • Artificial Intelligence Review
  • Year:
  • 2007

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Abstract

Agent-based simulation has been a popular technique in modeling and analyzing electricity markets in recent years. The main objective of this paper is to study existing agent-based simulation packages for electricity markets. We first provide an overview of electricity markets and briefly introduce the agent-based simulation technique. We then investigate several general-purpose agent-based simulation tools. Next, we review four popular agent-based simulation packages developed for electricity markets and several agent-based simulation models reported in the literature. We compare all the reviewed packages and models and identify their common features and design issues. Based on the study, we describe an agent-based simulation framework for electricity markets to facilitate the development of future models for electricity markets.