Abstract
In competitive energy markets (EMs), customers can freely choose their energy suppliers. The electricity trade can be done in organized markets or using forward bilateral contracts. Currently, there are several simulation tools based on multi-agent techniques that allow modeling, partially or globally, competitive EMs. The existing tools allow simulating negotiation prices and volumes through bilateral contracts, transactions in pool markets, etc. However, these tools have some limitations, mainly due to the complexity of the electric system. In this context, this article focuses on bilateral trading and presents the key features of software agents able to negotiate forward bilateral contracts. Special attention is devoted to demand response in bilateral contracting, notably utility functions and trading strategies for promoting demand response. The article also presents a case study on forward bilateral contracting with demand response: a retailer agent and an industrial customer agent negotiate a 24h-rate tariff.
Access provided by Autonomous University of Puebla. Download to read the full chapter text
Chapter PDF
Similar content being viewed by others
Keywords
References
Shahidehpour, M., Yamin, H., Li, Z.: Market Operations in Electric Power Systems. John Wiley & Sons, Chicester (2002)
Lopes, F., Mamede, N., Novais, A.Q., Coelho, H.: A Negotiation Model for Autonomous Computational Agents: Formal Description and Empirical Evaluation. Journal of Intelligent & Fuzzy Systems 12, 195–212 (2002)
Lopes, F., Mamede, N., Novais, A.Q., Coelho, H.: Negotiation Strategies for Autonomous Computational Agents. In: ECAI 2004, pp. 38–42. IOS Press (2004)
Lopes, F., Wooldridge, M., Novais, A.Q.: Negotiation Among Autonomous Computational Agents: Principles, Analysis and Challenges. Artificial Intelligence Review 29, 1–44 (2008)
Lopes, F., Coelho, H.: Concession Strategies for Negotiating Bilateral Contracts in Multi-agent Electricity Markets. In: IATEM-12 Workshop and DEXA-12 Event, pp. 321–325. IEEE Computer Society Press (2012)
Lopes, F., Ilco, C., Sousa, J.: Bilateral Negotiation in Energy Markets: Strategies for Promoting Demand Response. In: International Conference on the European Energy Market (EEEM 2013). IEEE Computer Society Press (2013)
Lopes, F., Algarvio, H., Ilco, C., Sousa, J.: Agent-Based Simulation of Retail Electricity Markets: Bilateral Contracting with Demand Response. In: IATEM 2013 Workshop and DEXA 2013 Event, pp. 194–198. IEEE Computer Society Press (2013)
Benefits of demand response in electricity markets and recommendations for achieving them. Report to the United States Congress, US Department of Energy (February 2006)
Albadi, M., El-Saadany, E.: A summary of demand response in electricity markets. Electric Power Systems Research 78, 1989–1996 (2008)
Woo, C., Greening, L.: Guest editors’ introduction. Energy 35, 1515–1517 (2010)
Torriti, J., Hassan, M., Leach, M.: Demand response experience in Europe: policies, programmes and implementation. Energy (2009)
Wang, J., Bloyd, C., Hu, Z., Tan, Z.: Demand response in China. Energy 35, 1592–1597 (2010)
Charles River Associates: Primer on demand-side management with an emphasis on price-responsive programs. Report prepared for The World Bank, Washington, DC (2005)
Osborne, M., Rubinstein, A.: Bargaining and Markets. Academic Press, London (1990)
Raiffa, H.: The Art and Science of Negotiation. Harvard University Press, Cambridge (1982)
Bodily, S.: Modern Decision Making. McGraw Hill, New York (1985)
Keeney, R.: Value-Focused Thinking: A Path to Creative Decision Making. Harvard University Press, Cambridge (1992)
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2014 Springer International Publishing Switzerland
About this paper
Cite this paper
Lopes, F., Algarvio, H., Sousa, J. (2014). Bilateral Contracting in Multi-agent Energy Markets with Demand Response. In: Corchado, J.M., et al. Highlights of Practical Applications of Heterogeneous Multi-Agent Systems. The PAAMS Collection. PAAMS 2014. Communications in Computer and Information Science, vol 430. Springer, Cham. https://doi.org/10.1007/978-3-319-07767-3_26
Download citation
DOI: https://doi.org/10.1007/978-3-319-07767-3_26
Publisher Name: Springer, Cham
Print ISBN: 978-3-319-07766-6
Online ISBN: 978-3-319-07767-3
eBook Packages: Computer ScienceComputer Science (R0)