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Advisor(s)
Abstract(s)
Traditional vertically integrated power utilities
around the world have evolved from monopoly structures to open
markets that promote competition among suppliers and provide
consumers with a choice of services. Market forces drive the
price of electricity and reduce the net cost through increased
competition. Electricity can be traded in both organized markets
or using forward bilateral contracts. This article focuses on
bilateral contracts and describes some important features of an
agent-based system for bilateral trading in competitive markets.
Special attention is devoted to the negotiation process, demand
response in bilateral contracting, and risk management. The
article also presents a case study on forward bilateral contracting:
a retailer agent and a customer agent negotiate a 24h-rate tariff.
Description
Keywords
Energy markets multi-agent systems Bilateral contracting Demand Response Risk management Trading strategies
Citation
Publisher
IEEE