Publication Details

Category Text Publication
Reference Category Book chapters
DOI 10.1016/B978-0-12-820074-2.00017-4
Document accepted manuscript
Title (Primary) Modeling, simulation, and decision support
Title (Secondary) Local electricity markets
Author Esmaeili Aliabadi, D. ORCID logo ; Çelebi, E.; Elhüseyni, M.; Şahin, G.
Publisher Pinto, T.; Vale, Z.; Widergren, S.
Year 2021
Page From 177
Page To 197
Language englisch
Topic T5 Future Landscapes
Keywords Energy markets; Top-down macroeconomic approach; Bottom-up engineering approach; Optimization models; Simulation
Abstract Energy markets are intertwined and complex systems that influence and are affected by various sectors such as transportation, industry, and electric power. Solely focusing on the power sector without considering the up- and downstream of the supply chain may produce misleading results. For instance, the mixture of primary energy carriers and the procurement source affect the generation cost of electricity and consequently may alter the decisions of generation companies about future investments. Therefore researchers should carefully decide a reasonable trade-off between complexity and simplicity based on the determined level of detail and questions at hand. In this section, top-down and bottom-up modeling approaches are discussed, with their corresponding pros and cons, in the broader context of energy markets. Then, we focus on different modeling techniques in the established electricity markets. Finally, we demonstrate the unique modeling challenges that should be dealt with in emerging local electricity markets.   
Persistent UFZ Identifier
Esmaeili Aliabadi, D., Çelebi, E., Elhüseyni, M., Şahin, G. (2021):
Modeling, simulation, and decision support
In: Pinto, T., Vale, Z., Widergren, S. (eds.)
Local electricity markets
Academic Press, Amsterdam, p. 177 - 197 10.1016/B978-0-12-820074-2.00017-4