PowerACE is an agent-based electricity market model that encompasses various markets. The focus is on investment decisions in interconnected markets, while also simulating the annual and the day-ahead market at an hourly resolution. PowerACE enables scientists to examine the influence of various regulatory and legal frameworks on the European electricity market. PowerACE employs an exploratory approach by optimizing from the perspective of the actors, rather than from a system-wide perspective.
How to run PowerACE is mentioned in the Wiki - Getting started with PowerACE.
It is recommended to use PowerACE with JDK 21.X. Additionally, a current installation of maven is required. For solving optimization problems, a Gurobi installation is necessary. Detailed information can be found in the Wiki.
Having Maven installed, one can run mvn compile assembly:single to create the jar file.
This can then be run with java -jar target/PowerACE-0.0.1-SNAPSHOT-jar-with-dependencies.jar
To effectively use PowerACE, various types of input data are necessary:
- powerplant date for non renewable powerplants
- yearly timeseries for
- renewable feed in
- wind onshore
- wind offshore
- solar
- hydro power
- demand
- net transfer capacities usage for non-simulated but coupled market areas
- renewable feed in
- net transfer capacities
PowerACE provides hourly market results for each simulated market area for every simulated year. These include detailed dispatch data for power plants and spot market prices. Additionally, annual investment decisions are logged, ensuring yearly information about the power plant fleet is available.
PowerACE was developed over several years at the Institute for Industrial Production, Chair of Energy Economics at Karlsruhe Institute of Technology. During this time, various people have contributed to PowerACE. Here is a detailed list of the developers.
If you use PowerACE in your scientific work please cite:
Karlsruhe Institute of Technology (KIT), Institute of Industrial Production (IIP), Chair of Energy Economics (2023), PowerACE - An Agent-based Energy Market Model
PowerACE has been developed over many years in various publicly funded research projects. The publication took place within the VerSEAS-Project. The developers thank the German Federal Ministry for Economic Affairs and Climate Protection for funding the VerSEAS project (founding number 03EI1018A).