Energy Informatics in Smart Grids : Agent-based Modelling of Electricity Markets

The electric power systems are undergoing major modernization process due to latest demands that are placed on the electrical grid. A new generation of electric power systems, called the smart grid, emerges through the modernization process. The “smarts” in the smart grid are mainly achieved through vertical extension of the existing electric power systems with the (i) information and communication technology (ICT); and (ii) market layers. This paper provides conceptual study of modelling the latter of these layers, i.e., the smart grid electricity market modelling. The special focus is placed on the agent-based modelling as a viable energy informatics approach for addressing the issue of market modelling, especially in the complex environment such as the smart grid. Keywords—energy informatics; smart grid; agent-based computational economics; electricity markets; market modelling

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