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Press Releases |
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12/1/2004 Press Release |
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12/1/2004
ADICA Provides Training on Power Planning in a Competitive Market Environment Using EMCAS for Korean Power Exchange
ADICA Provides Training on Power Planning in a Competitive Market Environment Using EMCAS for Korean Power Exchange
During the 4th quarter of 2004, ADICA organized a two month training program for staff of the Korean Power Exchange (KPX) and Korean Research Center for Innovative Electricity Market Technology. Training focused on power planning in a competitive market environment using the Electricity Market Complex Adaptive System (EMCAS) software developed by Argonne National Laboratory.
The training program included an introduction to power market issues and lessons learned with lectures and exercises on the following topics:
• Calculation of Carrying Charges and Long-run Marginal Cost
• Market Price Review; Time Series Analysis; Supply and Demand Exercise
• Supply and Demand Analysis; Market Power; Risk Distributions
• Capacity Price Models and Long-term Analysis in Competitive Markets
• Use of Option Pricing Models in Electricity Analysis
• Financial Analysis; Plant Valuation Analysis; Transmission Analysis
• Risk Analysis of loads, fuel prices, hydro variability |
 Course participants also developed an understanding of the underlying principles and objectives of the EMCAS software. Through presentations, model demonstrations, and hands- on work sessions the participants developed enhanced insights into the potential use of agent-based simulation to capture the complexities of the Korean electricity market.
In addition, participants obtained hands on experience in the use of the EMCAS software by creating an initial reference case using country specific information from Korea. Course staff provided advice on how to configure the model, improve model simulations, and rectify problems that are encountered while running the software in the development of a reference case of the Korean power system.
About EMCAS
The Electricity Market Complex Adaptive System software is designed to meet the growing need for advanced modeling approaches that simulate how electricity markets may evolve over time and how participants in these markets may react to the changing physical, economic, financial, and regulatory environments in which they operate. EMCAS employs an innovative agent-based modeling approach to more accurately model the complex interactions between physical infrastructures (generation, transmission, and distribution) and economic behavior of market participants.
About ADICA
ADICA Consulting combines industry knowledge, distinguished professionals, and cutting-edge strategic analysis software to provide consulting services to Government Agencies and Energy Companies worldwide. Headquartered in Oak Brook, Illinois, ADICA provides Robust, Accurate, and Relevant insights with advanced analytics created by Argonne National Laboratory.
| For more information, please contact: |
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Bruce Hamilton, President
Phone: +1 (630) 705-3060
Fax: +1 (630) 705-3061
Email:
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Web: www.adica.com |
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