Community Research and Development Information Service - CORDIS

Methods and algorithms for electronic power markets

Electronic markets are software forms of coordination in large-scale systems; they are especially useful for applications that need to achieve optimal system states in fully distributed ways. Technically, electronic markets are, first of all, constructed out of small, relatively independent pieces of software that are known as agents. Agents act as representatives of various pieces of equipment and/or human users, and carry out tasks on behalf of them: find the optimal state. They do so by communicating and negotiating with other agents, very much analogous to selling and buying on a human auction.

The result of the work in this project is a collection of novel market algorithms suitable for power applications. Their description and specification is given in a market algorithms library, and they are practically used and tested in some of the CRISP scenarios, in particular demand-supply matching and intelligent load shedding. However, their application potential goes way beyond that: agent-based electronic market provide distributed mechanisms to achieve optimal control in large systems that combine control-theoretic and cost-benefit microeconomic considerations simultaneously.

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