A Multi-Agent based simulator for strategic bidding in day-ahead energy market

Countries all around the globe are continuing to restructure their energy markets in various ways. To deal with electricity market challenges, a flexible simulation platform is very important to maintain synchronization between market structure, market players and their behavior. So, for this purpose, in this paper, a new simulation tool based on Multi-Agent System (MAS) is proposed which not only helps us in evaluating existing market regulations but also aids in exploring and testing novel market designs before their implementation. This proposed system works in three phases of estimation, control & action with real-time monitoring. To test the applicability of the proposed MAS-EMTS, the framework is implied in two test cases of Power System. The investigations demonstrate the adaptability of the proposed MAS-EMTS based electricity market trading simulator(MAS-EMTS) which empowers the agents to give profitable bids, and modified generator cost characteristics with maximum profit.(c) 2022 Elsevier Ltd. All rights reserved.

Automated summary

Countries worldwide are restructuring their energy markets in different ways. A flexible simulation platform based on Multi-Agent System (MAS) is proposed in this paper to address electricity market challenges by evaluating existing regulations and testing new market designs. The proposed MAS-EMTS enables agents to make profitable bids and modify generator cost characteristics for maximum profit through real-time monitoring in three phases of estimation, control, and action. The applicability of MAS-EMTS is demonstrated in two power system test cases.