A COMPREHENSIVE ELECTRICITY MARKET MODEL USING SIMULATION AND OPTIMIZATION TECHNIQUES

Worldwide Electrical Power Systems (EPSs) are faced with tremendous challenges because of the reduction of greenhouse gas emissions and the increasing number of renewables. EPS analysis can help to show future developments in an uncertain environment and is an important task for the assessment of greenhouse gas emissions. In order to perform such a complex analysis of future EPSs, a huge number of input parameters is needed. Moreover, technical and also economical processes have to be considered. Thereby, one major task is the modeling of electricity markets. In this paper, we present an approach for the modeling of the German EPS including electricity markets using hybrid simulation and mathematical optimization. We contribute an object-oriented electricity market model which can be utilized to study different exchange mechanisms and behavior patterns of generation unit operators. Simulation results show market results for different generation unit operators and realistic market prices.