A market simulation model for long-term power system planning studies

A simulation model is developed to simulate the yearlong performance of an energy-only electricity market for long-term planning applications. The main simulation domain has been transformed from sequential time to probabilistic time (or time duration) keeping all the other pertinent details of an electricity market in tact. The details such as attributes of load, generating units/companies, transmission network are modelled using probabilistic techniques. The reduction of total yearlong simulation time, without loosing the accuracy of the significant long-term output quantities, is expected as the main advantage. An illustrative case study is given in the paper, modelling the National Electricity Market (NEM) of Australia using the proposed model.