Abstract
Electricity markets (EMs) are distributed in nature, complex and evolve continuously. The share of variable generation continue to grow and gain an increasing relevance in EMs. In most of the European countries, the day-ahead market closes at 12 UTC of the day before the day of operation. Consequently, wind power forecasts have to be made 18 to 42 h prior to production, what brings a signicant uncertainty to the process. This article uses an agent-based simulation tool, called MATREM (for Multi-Agent TRading in Electricity Markets), to analyze the potential benefits to the day-ahead market of changing the wind power forecast information, enabling the development of different bidding strategies. Results show that the effect of different bidding strategies on the levelized revenues is higher (when compared with the effect on the day-ahead market prices).
H. Algarvio and J. Santana—This work was supported by “Fundação para a Ciência e a Tecnologia” with references UID/CEC/50021/2013 and PD/BD/105863/2014.
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Algarvio, H., Couto, A., Lopes, F., Estanqueiro, A., Santana, J. (2017). Multi-agent Wholesale Electricity Markets with High Penetrations of Variable Generation: A Case-Study on Multivariate Forecast Bidding Strategies. In: Bajo, J., et al. Highlights of Practical Applications of Cyber-Physical Multi-Agent Systems. PAAMS 2017. Communications in Computer and Information Science, vol 722. Springer, Cham. https://doi.org/10.1007/978-3-319-60285-1_29
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DOI: https://doi.org/10.1007/978-3-319-60285-1_29
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