Agent-based Simulation of Electricity Markets -A Literature Review-

Sensfuß, Frank; Ragwitz, Mario; Genoese, Massimo; Möst, Dominik

doi:10.15173/esr.v15i2.507

Cited by 50 publications

(29 citation statements)

References 36 publications

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“…The number of emerging economies liberalizing their electricity market is growing, and such action should cautiously consider the negative impact of electricity price increase (Nepal and Jamasb, 2015). Though the bottom-up approaches may simulate liberal energy market, the conventional energy models cannot capture learning effect, asymmetric information, imperfect competition, and strategic interaction including collusions between companies in the market (Sensfuß et al, 2007;Weidlich and Veit, 2008). In this case, ABM is preferable because it could simulate strategic behaviors of electricity companies especially for pricing analysis (Koesrindartoto et al, 2005).…”

Section: Which Tools To Use? a Synthesismentioning

confidence: 99%

Selecting Tools for Renewable Energy Analysis in Developing Countries: An Expanded Review

et al. 2017

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Renewable energy planners in developing countries should be cautious in using analytical tools formulated in developed countries. Traditional energy consumption, economic and demography transitions, high-income inequality, and informal economy are some characteristics of developing countries that may contradict the assumptions of mainstream, widely used analytical tools. In this study, we synthesize the debate in previous review studies on energy models for developing countries and then extend the scope of the previous studies by highlighting emerging methods of system thinking, life cycle thinking, and decision support analysis. We then discuss how these tools have been used for renewable energy analysis in developing countries and found out that not all studies are aware of the emerging critical issues in developing countries. We offer here a guidance to select the most appropriate analytical tool, mainly when dealing with energy modeling and analysis for developing countries. We also suggest potential future improvements to the analytical tool for renewable energy modeling and analysis in the developing countries.

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Section: Which Tools To Use? a Synthesismentioning

confidence: 99%

Selecting Tools for Renewable Energy Analysis in Developing Countries: An Expanded Review

et al. 2017

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“…Gerst et al [21] developed the agentbased model ENGAGE including a scenario discovery tool and a policy discovery tool. A detailed overview on agent-based simulation models is presented in [36] and [57]. Agent-based approaches for energy system simulations are usually used for short-term meditations in liberalized energy markets.…”

Section: Agent-based Modelingmentioning

confidence: 99%

Are decisions well supported for the energy transition? A review on modeling approaches for renewable energy policy evaluation

Horschig

Thrän

2017

Energ Sustain Soc

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This study reviews energy policy evaluation approaches on their capability to estimate a successful implementation of renewable energy policies. This is predominantly done via energy system modeling and analysis. Although modeling the possible success and effects is not a precondition for policy making, it is a powerful tool to support decision makers in policy making. This awareness has led to the development of numerous modeling approaches with many case studies. Therefore, effort has to be made to evaluate recent modeling approaches that could be suitable for renewable energy policy evaluation. It is the aim of this paper to provide an overview on recent renewable energy policy modeling approaches that are capable in evaluating the success and side effects to other sectors of renewable energy policies. We will highlight advantages and drawbacks of these approaches and provide a framework assessing the suitability of the presented methodologies for the evaluation of renewable energy policies. We provide a tabular overview that enables the reader to quickly derive information on the suitability of the several modeling approaches to evaluate renewable energy policies. Keywords: Policy evaluation, Renewable energy, Policy modeling, Decision support ReviewIn 1980, the term Energiewende was first used in a study of the Öko-Institut [1]. Since then, several policies were installed to follow the idea of a decarbonized energy system. This includes among others the support of the development of renewable energy and associated technologies, efficiency actions, renewable fuels, reduced import independence from fossil fuels, rural development, the decrease of long-term economic costs in kind of external effects, and R&D support [2][3][4]. International Energy Agency (IEA) defines renewable energy as energy derived from natural sources like sunlight, wind or some forms of biomass in terms of being not finite like fossil fuels having simultaneously a smaller impact on the environment [5]. Interplay between renewable energies, energy efficiency like green buildings, and a sustainable transport sector is crucial for achieving the imposed goals of the German Government and the Energiewende. Renewable energy is characterized by replenishing at a faster rate than being consumed. Like Germany, several countries implemented strategies, policies, and stimulus packages to promote the transition towards a renewable energy system and increase their overall share of renewable energy in the energy system. However, increasing the share of renewable energy is often associated with sustainability challenges [6,7]. The key elements of a sustainable development like economic performance, environmental protection, and social responsibility need to be considered in designing or evaluating support schemes, policies, or stimulus packages. But the design and evaluation of renewable energy promoting policies is a difficult task considering the multiple aspects policy designers and decision makers have to consider. Governmental intervention...

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“…Another branch focuses on energy trading on the balancing market [41], the merit order effect [42], emission trading and investment decisions [43], and forecasting [44,45]. For a comprehensive review of energy market applications, the reader might want to refer to [25,46] and to [47] for a special focus on newly emerging market structures. Figure 1 depicts the model's scope of analysis; it shows components and interrelations between actors, regulatory frameworks, technologies, and markets which are addressed by the simulation.…”

Section: Overview Of Agent-based Models In Energy Systemmentioning

confidence: 99%

Assessing the Plurality of Actors and Policy Interactions: Agent-Based Modelling of Renewable Energy Market Integration

et al. 2017

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The ongoing deployment of renewable energy sources (RES) calls for an enhanced integration of RES into energy markets, accompanied by a new set of regulations. In Germany, for instance, the feed-in tariff legislation for renewables has been successively replaced by first optional and then obligatory marketing of RES on competitive wholesale markets. This paper introduces an agentbased model that allows studying the impact of changing energy policy instruments on the economic performance of RES operators and marketers. The model structure, its components, and linkages are presented in detail; an additional case study demonstrates the capability of our sociotechnical model. We find that changes in the political framework cannot be mapped directly to RES operators as behaviour of intermediary market actors has to be considered as well. Characteristics and strategies of intermediaries are thus an important factor for successful RES marketing and further deployment. It is shown that the model is able to assess the emergence and stability of market niches.

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Agent-based Simulation of Electricity Markets -A Literature Review-

Cited by 50 publications

References 36 publications

Selecting Tools for Renewable Energy Analysis in Developing Countries: An Expanded Review

Selecting Tools for Renewable Energy Analysis in Developing Countries: An Expanded Review

Are decisions well supported for the energy transition? A review on modeling approaches for renewable energy policy evaluation

Assessing the Plurality of Actors and Policy Interactions: Agent-Based Modelling of Renewable Energy Market Integration

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