Agent-Based Modeling of Consumer and Producer Behavior in Sustainable Energy Markets

Gina Dello Russo, Steven Hoffenson, Ashley Lytle, Lei Wu

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

2 Scopus citations

Abstract

As electricity consumption significantly contributes to carbon dioxide emissions in the U.S., increased renewable energy utilization and individual behavior changes could combine to substantially decrease the carbon footprint of the sector. This study proposes an agent-based modelling (ABM) framework of the New Jersey electricity market that features consumer and producer agents, each defined by a unique set of attributes. The consumer agents are capable of making decisions about energy use, opting into a clean energy program, and investing in solar panels, while the producer agents decide when to retire and introduce power plants of each type. The model is used to simulate agent behavior and to thereby explore the resulting system outcomes. The results show how ABM is an effective modeling technique for energy markets, upon which we may introduce more market complexities such as compound and dynamic policy scenarios as well as social network analysis.

Original languageEnglish
Title of host publication2022 IEEE Power and Energy Society General Meeting, PESGM 2022
ISBN (Electronic)9781665408233
DOIs
StatePublished - 2022
Event2022 IEEE Power and Energy Society General Meeting, PESGM 2022 - Denver, United States
Duration: 17 Jul 202221 Jul 2022

Publication series

NameIEEE Power and Energy Society General Meeting
Volume2022-July
ISSN (Print)1944-9925
ISSN (Electronic)1944-9933

Conference

Conference2022 IEEE Power and Energy Society General Meeting, PESGM 2022
Country/TerritoryUnited States
CityDenver
Period17/07/2221/07/22

Keywords

  • Sustainable energy
  • agent-based modeling
  • complex systems
  • consumer behavior

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