Electricity market analysis with generation emission allowance constraints and trades using agent-based modeling

Research output: Chapter in Book/Report/Conference proceedingConference contribution book

Abstract

The main objective of the paper is to investigate how the individual participant behavior changes due to the Emissions Trading Scheme (ETS), as well as how the ETS affects the wholesale electricity market. Analysis carried out in the paper will help evaluate strategies that the generation company should employ to improve profits. In addition, the study aims to estimate how different levels of Emission Allowances (EAs) and methods to obtain these allowances (i.e., free allocations and auctions) will affect market operation. Here proposed methodology uses the agent-based model approach. This type of model simulation could help us study both the individual generation agent behavior and the overall picture of the electricity market operation. The proposed model is extended based on the AMES agent-base market simulation tool to introduce the emission constraints and trades.
Original languageEnglish
Title of host publicationProceedings of 46th International Universities' Power Engineering Conference (UPEC)
PublisherIEEE
Pages1-6
Number of pages6
ISBN (Print)978-3-8007-3402-3
Publication statusPublished - Sep 2011

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Profitability
Power markets
Industry

Keywords

  • agent-based modeling
  • generation emission allowance
  • emissions
  • electricity market

Cite this

Zhao, Y., & Kockar, I. (2011). Electricity market analysis with generation emission allowance constraints and trades using agent-based modeling. In Proceedings of 46th International Universities' Power Engineering Conference (UPEC) (pp. 1-6). IEEE.
Zhao, Yu ; Kockar, Ivana. / Electricity market analysis with generation emission allowance constraints and trades using agent-based modeling. Proceedings of 46th International Universities' Power Engineering Conference (UPEC). IEEE, 2011. pp. 1-6
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abstract = "The main objective of the paper is to investigate how the individual participant behavior changes due to the Emissions Trading Scheme (ETS), as well as how the ETS affects the wholesale electricity market. Analysis carried out in the paper will help evaluate strategies that the generation company should employ to improve profits. In addition, the study aims to estimate how different levels of Emission Allowances (EAs) and methods to obtain these allowances (i.e., free allocations and auctions) will affect market operation. Here proposed methodology uses the agent-based model approach. This type of model simulation could help us study both the individual generation agent behavior and the overall picture of the electricity market operation. The proposed model is extended based on the AMES agent-base market simulation tool to introduce the emission constraints and trades.",
keywords = "agent-based modeling, generation emission allowance , emissions, electricity market",
author = "Yu Zhao and Ivana Kockar",
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Zhao, Y & Kockar, I 2011, Electricity market analysis with generation emission allowance constraints and trades using agent-based modeling. in Proceedings of 46th International Universities' Power Engineering Conference (UPEC). IEEE, pp. 1-6.

Electricity market analysis with generation emission allowance constraints and trades using agent-based modeling. / Zhao, Yu; Kockar, Ivana.

Proceedings of 46th International Universities' Power Engineering Conference (UPEC). IEEE, 2011. p. 1-6.

Research output: Chapter in Book/Report/Conference proceedingConference contribution book

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Zhao Y, Kockar I. Electricity market analysis with generation emission allowance constraints and trades using agent-based modeling. In Proceedings of 46th International Universities' Power Engineering Conference (UPEC). IEEE. 2011. p. 1-6