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Modeling energy market dynamics using discrete event system simulation

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  • Gutiérrez-Alcaraz, G.
  • Sheblé, G.B.

Abstract

This paper proposes the use of Discrete Event System Simulation to study the interactions among fuel and electricity markets and consumers, and the decision-making processes of fuel companies (FUELCOs), generation companies (GENCOs), and consumers in a simple artificial energy market. In reality, since markets can reach a stable equilibrium or fail, it is important to observe how they behave in a dynamic framework. We consider a Nash–Cournot model in which marketers are depicted as Nash–Cournot players that determine supply to meet end-use consumption. Detailed engineering considerations such as transportation network flows are omitted, because the focus is upon the selection and use of appropriate market models to provide answers to policy questions.

Suggested Citation

  • Gutiérrez-Alcaraz, G. & Sheblé, G.B., 2009. "Modeling energy market dynamics using discrete event system simulation," Energy, Elsevier, vol. 34(10), pages 1467-1476.
    • Handle: RePEc:eee:energy:v:34:y:2009:i:10:p:1467-1476
    DOI: 10.1016/j.energy.2009.06.017
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