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DOI10.1016/j.enpol.2020.111297
Imbalance settlement evaluation for China's balancing market design via an agent-based model with a multiple criteria decision analysis method
Wu Z.; Zhou M.; Zhang T.; Li G.; Zhang Y.; Liu X.
Date Issued2020
ISSN0301-4215
Volume139
Other AbstractConstructing spot markets is the core objective of the new round of electricity market reform kicked off in 2015 in China. A balancing market, as a critical part of a spot market, is an institutional arrangement that deals with balancing electricity demand and supply. Imbalance settlement provides a mechanism for settling the inevitable discrepancies between contractual agreements and physical delivery. Large proportions of long-term non-financially contracted electricity and a high share of renewable generation represent specific market situations in China and make balancing market operation and relevant imbalance settlement more difficult. This paper aims to investigate the effect of imbalance settlement design and exploit an effective evaluation method. An investigation model combining the methods of agent-based modelling (ABM) and multiple criteria decision analysis (MCDA) is proposed to search for the optimal design elements for China's imbalance settlement. Different tolerance margins, Programme Time Units (PTUs) and imbalance pricing mechanisms in imbalance settlement design are analysed. The impacts of imbalance settlement on the behaviour of market participants and overall market are revealed. Finally, corresponding policy implications for imbalance settlement in China's balancing market are put forward. The proposed model also offers a tool for evaluating other design elements in a balancing market. © 2020 Elsevier Ltd
enkeywordsAgent-based modelling; Balancing market; Imbalance settlement design; Multiple criteria decision analysis
Language英语
scopus keywordsAutonomous agents; Computational methods; Decision making; Decision theory; Design; Operations research; Power markets; Public policy; Simulation platform; Agent-based modelling; Balancing market; Contractual agreements; Electricity market reforms; Institutional arrangement; Multiple criteria decision analysis; Policy implications; Renewable generation; Commerce; decision making; energy market; energy policy; multicriteria analysis; numerical model; policy implementation; China
journalEnergy policy
Document Type期刊论文
Identifierhttp://gcip.llas.ac.cn/handle/2XKMVOVA/124818
AffiliationState Key Laboratory of Alternate Electrical Power System with Renewable Energy Sources, North China Electric Power University, Changping District, Beijing, 102206, China; Beijing Key Laboratory of New Energy and Low-Carbon Development, North China Electric Power University, Changping, Beijing, 102206, China; State Grid Beijing Electric Power Company, Xicheng District, Beijing, 100031, China
Recommended Citation
GB/T 7714
Wu Z.,Zhou M.,Zhang T.,et al. Imbalance settlement evaluation for China's balancing market design via an agent-based model with a multiple criteria decision analysis method[J],2020,139.
APA Wu Z.,Zhou M.,Zhang T.,Li G.,Zhang Y.,&Liu X..(2020).Imbalance settlement evaluation for China's balancing market design via an agent-based model with a multiple criteria decision analysis method.Energy policy,139.
MLA Wu Z.,et al."Imbalance settlement evaluation for China's balancing market design via an agent-based model with a multiple criteria decision analysis method".Energy policy 139(2020).
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