Design Functionalities for A Wholesale Electricity Market Simulator

Abstract

One of the most important and well-known characteristics of the electricity is the necessity to balance almost perfectly the load with generation for each moment of the power system operation. This characteristic, coming from the very beginnings of the power systems design and building, has shaped the operational rules of the power systems and more recently has also shaped the electricity markets structure. The basic parameter used for designing various electricity markets is time. Also, the recent developments of renewable energy lead to a higher complexity of the power systems operation and as a direct consequence a higher complexity of the electricity market structure. Hence, nowadays, it is very difficult for a generation owner to optimize the operation of his asset from all points of view: technical, financial, etc. The main objective of this paper is to develop an electricity market simulator that includes the basics of a good practice guide starting from the use cases for generators or producers that compete on different electricity markets in order to maximize their financial results and efficiency. Thus, this paper mainly proposes to uncover the functionalities a simulator should have to assist market players to access different electricity markets.

Keywords

• whole electricity market
• simulator
• functional model
• functionalities
• use case diagram