Author(s):
Lopes, Fernando ; Algarvio, Hugo ; Sousa, Jorge A. M. ; Coelho, Helder ; Pinto, Tiago ; Santos, Gabriel ; Vale, Zita ; Praça, Isabel
Date: 2014
Persistent ID: http://hdl.handle.net/10400.22/5885
Origin: Repositório Científico do Instituto Politécnico do Porto
Subject(s): Energy markets; multi-agent systems; Bilateral contracting; Demand Response; Risk management; Trading strategies; Energy markets; Energy markets; multi-agent systems; multi-agent systems; Bilateral contracting; Bilateral contracting; Demand Response; Demand Response; Risk management; Risk management; Trading strategies; Trading strategies
Description
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.
