Open-access tools for the modelling and simulation of electricity markets

Abstract

Globally, the amount of renewable energy generation is increasing, which raises the complexity of operating electrical grids to maintain stability and balance and boosts the need for developing new electricity market (EM) models fitting this new reality. To test, study, and validate the possible effects of novel EM designs, simulation techniques are frequently employed. This work proposes the use of two open-access tools for the modeling and simulation of complex EMs. These are the Electricity Markets Service (EMS) and the Spine Toolbox. EMS enables the simulation of two commonly used auction-based algorithms and the execution of three European wholesale EMs. Being published as a web service facilitates its integration with other services, systems, or software agents, such as the Spine Toolbox. The Spine Toolbox, in turn, is an open-source software for complex energy systems modeling. Combining them allows the modeling and simulation of complex EMs from the wholesale to local markets, as well as testing and validating new market designs. This work’s case study demonstrates how to use these tools to simulate the operation of the Iberian EM – MIBEL – for a month, using public data available from the market operator’s website. The results are analyzed from the perspective of the market operator and two players, i.e., a selected buyer and seller, for a specific day and the whole month.