PowerWeb: a tool for evaluating economic and reliability impacts of electric power market designs

This paper describes a Web-based electric power market simulation tool called PowerWeb. It can be used as an experimental economics research tool to evaluate the economic and reliability impacts of given market designs as well as to train and educate students, industry professionals and policy makers. It is unique in its ability to combine the human behavior characteristics of a market structure with the operational and reliability aspects of the underlying power system.