Simulation of the operation of hydro plants in an electricity market using agent-based models

The optimization and simulation of power systems continues to be an area of concern for electricity companies and researchers worldwide namely considering the development of electricity markets and competition in the generation activity. Therefore generation companies are devoting an increasing attention to market issues justifying the development of models to help them preparing bidding strategies to the day-ahead market. In this context, agent-based models have been reported as a complement to optimization and equilibrium models when the problem is too complex to be analyzed by traditional approaches. This paper details an Agent-Based Model for an electricity market considering a detailed modeling for hydro stations and presents some preliminary results taking the Iberian Electricity Market as an example.