A Stochastic Multi-Layer Agent-Based Model to Study Electricity Market Participants Behavior

This paper presents a new stochastic multi-layer agent-based model to study the behavior of electricity market participants. The wholesale market players including renewable power producers are modeled in the first layer of the proposed multi-agent environment. The players optimize bidding/offering strategies to participate in the electricity markets. In the second layer, responsive customers including plug-in electric vehicle (PEV) owners and consumers who participate in demand response (DR) programs are modeled as independent agents. The objective of the responsive customers is to increase their benefit while retaining welfare. The interaction between market players in day-ahead and real-time markets is modeled using an incomplete information game theory algorithm. Due to the uncertainties of resources and customers' behavior, the model is developed using a stochastic framework. A case study containing wind power producers (WPPs), PEV aggregators and retailers providing DR is considered to demonstrate the usefulness and proficiency of the proposed multi-layer agent-based model.