Agent-based simulation-an application to the new electricitytrading arrangements of England and Wales

Authors:
D. W. Bunn;F. S. Oliveira
Affiliations:
Decision Sci. Dept., London Bus. Sch.;-
Venue:
IEEE Transactions on Evolutionary Computation
Year:
2001

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Abstract

This paper presents a large-scale application of multiagent evolutionary modeling to the proposed new electricity trading arrangements (NETA) in the UK. This is a detailed plant-by-plant model with an active specification of the demand side of the market. NETA involves a bilateral forward market followed by a balancing mechanism and then an imbalance settlement process. This agent-based simulation model was able to provide pricing and strategic insights, ahead of NETA's actual introduction