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Summary form only given. World-wide energy markets have been on a path toward deregulation for several decades. These markets have proven to be difficult to design and run because of their repetitive nature and the externalities provided by reliable grid operation. In a deregulated market environment, our experiments suggest that market participants will pursue their own profit maximizing objective rather than use an objective that reflects social benefit. Multi-agent simulation is useful for gaining insights into market participant behavior under various rules. In this way market rules can be tested for efficacy and efficiency. In this paper an agent based on a double layer diffusion model developed elsewhere is tested and its effectiveness reported.
Power Engineering Society General Meeting, 2007. IEEE
Date of Conference: 24-28 June 2007