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Agent-based simulation of retail electricity markets: Bilateral contracting wit...
Lopes, Fernando; Algarvio, Hugo; Ilco, Cristina; Sousa, JorgeThe novelty of the evolving electric power industry implies that researchers lack insight into numerous open problems. There is a growing need for advanced modeling approaches that simulate the behavior of electricity markets over time. Accordingly, this article looks at using software agents to help manage the complexity of electricity markets, particularly retail markets, towards ensuring long-term capacity s...
Agent-based simulation of retail electricity markets: Bilateral trading players
Lopes, Fernando; Algarvio, Hugo; Coelho, HelderThe electricity industry throughout the world, which has long been dominated by vertically integrated utilities, has experienced major changes. Deregulation, unbundling, wholesale and retail wheeling, and real-time pricing were abstract concepts a few years ago. Today market forces drive the price of electricity and reduce the net cost through increased competition. As power markets continue to evolve, there i...
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