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Erschienen in:
2014 | OriginalPaper | Buchkapitel
Risk Management and Bilateral Contracts in Multi-agent Electricity Markets
verfasst von : Hugo Algarvio, Fernando Lopes
Erschienen in: Highlights of Practical Applications of Heterogeneous Multi-Agent Systems. The PAAMS Collection
Verlag: Springer International Publishing
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In competitive energy markets, customers can freely choose their energy suppliers. The electricity trade can be done in organized markets or using bilateral contracts between customers and suppliers. In the latter case, market participants set the terms and conditions of agreements independent of the market operator. They often enter into bilateral contracts to hedge against pool price volatility. Furthermore, these contracts are very flexible since the negotiating parties can specify their own contract terms. This article focuses on bilateral trading and presents the key features of software agents able to negotiate forward bilateral contracts. Special attention is devoted to risk management in bilateral contracting, notably utility functions and trading strategies for dealing with risk. The article also presents a case study on forward bilateral contracting involving risk management: a retailer agent and an industrial customer agent negotiate a 24h-rate tariff.