Concession Strategies for Negotiating Bilateral Contracts in Multi-agent Electricity Markets

2012 ◽  
Author(s):  
Fernando Lopes ◽  
Helder Coelho
Keyword(s):  
Electricity Markets ◽  
Bilateral Contracts ◽  
Multi Agent

scholarly journals Management of local Citizen Energy Communities and Bilateral Contracting in Multi-Agent Electricity Markets

Smart Cities ◽  
2021 ◽  
Vol 4 (4) ◽  
pp. 1437-1453
Author(s):  
Hugo Algarvio
Keyword(s):  
Electricity Markets ◽  
Electricity Sector ◽  
Solar Photovoltaic ◽  
Wholesale Market ◽  
Negotiation Strategy ◽  
Agent Based ◽  
Bilateral Agreements ◽  
Bilateral Contracts ◽  
Multi Agent ◽  
Derivatives Markets

Over the last few decades, the electricity sector has experienced several changes, resulting in different electricity markets (EMs) models and paradigms. In particular, liberalization has led to the establishment of a wholesale market for electricity generation and a retail market for electricity retailing. In competitive EMs, customers can do the following: freely choose their electricity suppliers; invest in variable renewable energy such as solar photovoltaic; become prosumers; or form local alliances such as Citizen Energy Communities (CECs). Trading of electricity can be done in spot and derivatives markets, or by bilateral contracts. This article focuses on CECs. Specifically, it presents how agent-based local consumers can form alliances as CECs, manage their resources, and trade on EMs. It also presents a review of how agent-based systems can model and support the formation and interaction of alliances in the electricity sector. The CEC can trade electricity directly with sellers through private bilateral agreements. During the negotiation of private bilateral contracts, the CEC receives the prices and volumes of their members and according to its negotiation strategy, tries to satisfy the electricity demands of all members and reduce their costs for electricity.

scholarly journals Raiffa-Kalai-Smorodinsky Bargaining Solution for Bilateral Contracts in Electricity Markets

Energies ◽  
2020 ◽  
Vol 13 (9) ◽  
pp. 2397
Author(s):  
Reinaldo Crispiniano Garcia ◽  
Javier Contreras ◽  
Matheus de Lima Barbosa ◽  
Felipe Silva Toledo ◽  
Paulo Vinicius Aires da Cunha
Keyword(s):  
Electricity Markets ◽  
Price Volatility ◽  
Spot Market ◽  
Nash Bargaining Solution ◽  
Nash Bargaining ◽  
Bargaining Solution ◽  
Market Pricing ◽  
Bilateral Contracts ◽  
Generation Company

In electricity markets, bilateral contracts (BC) are used to hedge against price volatility in the spot market. Pricing these contracts requires scheduling from either the buyer or the seller aiming to achieve the highest profit possible. Since this problem includes different players, a Generation Company (GC) and an Electricity Supplier Company (ESC) are considered. The approaches to solve this problem include the Nash Bargaining Solution (NBS) equilibrium and the Raiffa–Kalai–Smorodinsky (RKS) bargaining solution. The innovation of this work is the implementation of an algorithm based on the RKS equilibrium to find a compromise strategy when determining the concessions to be made by the parties. The results are promising and show that the RKS approach can obtain better results compared to the Nash equilibrium method applied to a case study.

Multi-agent simulation of competitive electricity markets: Autonomous systems cooperation for European market modeling

2015 ◽  
Vol 99 ◽  
pp. 387-399 ◽  
Author(s):  
Gabriel Santos ◽  
Tiago Pinto ◽  
Hugo Morais ◽  
Tiago M. Sousa ◽  
Ivo F. Pereira ◽  
...  
Keyword(s):  
Electricity Markets ◽  
Autonomous Systems ◽  
European Market ◽  
Agent Simulation ◽  
Multi Agent ◽  
Competitive Electricity Markets

scholarly journals Mix-generation optimization for electricity market simulation

2020 ◽  
Vol XXIII (1) ◽  
pp. 180-185
Author(s):  
Adela Bâra
Keyword(s):  
Renewable Energy ◽  
Electricity Markets ◽  
Electricity Market ◽  
Renewable Energy Sources ◽  
Primary Energy ◽  
Energy Sources ◽  
Market Strategy ◽  
Bilateral Contracts ◽  
And Performance ◽  
Operation Schedule

Owning several types of generating units requires an optimized schedule to cover the negotiated bilateral contracts. This approach will lead to a better electricity market strategy and benefits for an electricity producer. In this paper, we will simulate the operation of five different generators including generators based on Renewable Energy Sources (such as wind turbines and photovoltaic panels) that belong to an electricity producer. The five generators are modelled considering the specificity of their type and primary energy source. For instance, for renewable energy sources, we will consider the 24-hour generation forecast. The objective function of the optimization process is to obtain an optimal loading of generators, while the constraints are related to the capacity and performance of the generators. The output consisting in a generating unit optimized operation schedule will be further used for day-ahead or balancing market bidding process. Hence, the producer will be able to adequately bid on the future electricity markets knowing the commitment of generators for negotiated bilateral contracts market. The simulations are tested for more than five generators considering the connection to a relational database where more data for generators is stored.

Sign in / Sign up

Export Citation Format

Share Document