TY - GEN
T1 - Agent-Based Modeling of Consumer and Producer Behavior in Sustainable Energy Markets
AU - Dello Russo, Gina
AU - Hoffenson, Steven
AU - Lytle, Ashley
AU - Wu, Lei
N1 - Publisher Copyright:
© 2022 IEEE.
PY - 2022
Y1 - 2022
N2 - 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.
AB - 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.
KW - Sustainable energy
KW - agent-based modeling
KW - complex systems
KW - consumer behavior
UR - http://www.scopus.com/inward/record.url?scp=85141506964&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85141506964&partnerID=8YFLogxK
U2 - 10.1109/PESGM48719.2022.9917210
DO - 10.1109/PESGM48719.2022.9917210
M3 - Conference contribution
AN - SCOPUS:85141506964
T3 - IEEE Power and Energy Society General Meeting
BT - 2022 IEEE Power and Energy Society General Meeting, PESGM 2022
T2 - 2022 IEEE Power and Energy Society General Meeting, PESGM 2022
Y2 - 17 July 2022 through 21 July 2022
ER -