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- W2588469053 abstract "Widespread adoption of sustainable energy sources is driving electricity grid operators to supplement hierarchical control regimes with market-based control that better motivates stakeholder involvement. However, to prevent market failures, such controls require testing before real-world implementation. The Power Trading Agent Competition is a competitive simulation of distribution grids that mirrors real-world scenarios and tests alternative policy and business scenarios. In Power TAC, broker agents acquire energy through bidding in a forward wholesale market to satisfy their customers overall demand on an hourly basis. In addition, a balancing market is intended to resolve real-time energy imbalances caused by broker prediction errors using demand response resources. As part of the annual alignment process, we discovered that brokers in the 2015 competition were persistently buying insufficient energy on the wholesale market to satisfy their customer demand. Instead, the balancing market made up the deficit, charging brokers a premium over the wholesale price. Also, demand response resources were heavily underused. We studied the economic impact of this systematic imbalance on brokers and discovered that they were behaving rationally, given the prices they faced in the two markets. We present the process and results of this analysis, and show how the balancing markets pricing mechanism can be adjusted for the 2016 competition to make it rational for brokers to achieve an overall neutral imbalance." @default.
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- W2588469053 date "2016-10-01" @default.
- W2588469053 modified "2023-09-23" @default.
- W2588469053 title "Analyzing and improving the energy balancing market in the power trading agent competition" @default.
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- W2588469053 doi "https://doi.org/10.1109/isgteurope.2016.7856197" @default.
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