Autonomous trading in modern electricity markets

Abstract

The smart grid is envisioned to be a main enabler of sustainable, clean, efficient, reliable, and secure energy supply (U.S. Department of Energy, 2003). One of the milestones in the smart grid vision will be programs for customer participation in electricity markets through demand-side management and distributed generation; electricity markets will incentivize customers to adapt their demand to supply conditions, which will help to utilize intermittent energy resources such as from solar and wind, and to reduce peak-demand.

Artificial Intelligence-Driven Circular Economy as a Key Enabler for Sustainable Energy Management

“…It can also help in coordinating network maintenance and optimization, and sector coupling Virtual power plant (VPP) management (Lin et al 2020) Provides accurate weather forecast for naturally sourced power (such as solar and wind energy). Since VPPs are a network of decentralized units, AI is used to operate a centralized control system Energy trading (Urieli 2016) AI is employed in automated trading on the electricity market as it can systematically and quickly process large amounts of data Domestic power consumption (Wu and Lee 2020) In smart-networked homes, the AI module analyses the user data to optimize the consumption and reacts to the changing market pricing to reduce the cost…”

Analysing the Impact of Rationality on the Italian Electricity Market

“…In this paper, we propose a framework which helps analysing the behavior of the participants in the Italian electrical power market [15]. We would like to stress that our interest is in understanding how the market behaves as a consequence of the actions of its participants to make profit, and also in analysing the behavior of the market in order to maximize the social welfare from an economical rational point of view [18,16], i.e., with respect to the electricity producers as well as with respect to the electricity consumers. To this aim, we first reproduce and then extend an existing economical-based model for the Italian electricity market [7].…”

A Co-evolutionary Approach to Analyzing the Impact of Rationality on the Italian Electricity Market

“…In this paper, we propose a framework which helps analysing the behavior of the participants in the Italian electrical power market [16]. We would like to stress that our interest is in understanding how the market behaves as a consequence of the actions of its participants to make profit, and also in analysing the behavior of the market in order to maximize the social welfare from an economical rational point of view [19,17], i.e., with respect to the electricity producers as well as with respect to the electricity consumers. To this aim, we build upon our previous contribution [2], which reproduced and then extended an existing economical-based model of the Italian electricity market [8].…”