Oak Brook, IL – April 1, 2007 (News Release) ADICA, a leading provider of innovative Agent- Based Modeling Software for the energy industry, announced today that REN - Rede Eléctrica Nacional, S.A. has selected its Electricity Market Complex Adaptive System (EMCAS) software for analyzing the behavior of market participants under alternative regulatory scenarios of future rules for the Iberian Market. As stated by Mr. Paulo Soares de Pinho, Member of the Board of Directors of REN,
“We feel the need for a new modelling approach that:
• Incorporates the imperfect competition nature of the liberalised market,
• Adequately handles the hydro/thermal nature of Portugal’s production,
• Is able to fully model the future Iberian Market for Electricity,
• Is able to simulate the short-term behavior of the agents involved, and
• Is also able to constitute an important long-range planning tool.
We expect EMCAS to become that tool.” |
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| Figure 1. EMCAS Representation of Iberian Market |
Staff from ADICA and Argonne National Laboratory customized EMCAS for analyzing the Iberian Market and transferred the software and associated database for continued use at REN. Expected results from using EMCAS in Portugal include: 1.) Simulation of hydro system operation within a market environment; 2.) Assessment of the bidding behavior of market participants; 3.) Estimation of wholesale and retail price volatility; 4.) Determination of market based capacity expansion schedule; 5.) Reporting on costs, revenues and profits for all market participants under different assumptions about market rules and regulations; and 6.) Analyzing the impact of the European CO2 Emission Trading System on market participant bidding strategies, power plant operations, and resulting electricity prices and use.
About REN
In fulfilling its joint mission as system operator and market operator in Portugal, REN is responsible for ensuring the continuous supply of electricity at the lowest possible cost, meeting quality and safety criteria, maintaining the balance between supply and demand, and protecting the legitimate interests of different players in the electricity market.
About ADICA
ADICA is a leading provider of energy consulting and cutting-edge energy system analysis software for Government Agencies and Energy Companies worldwide. Headquartered in Oak Brook, Illinois, USA, ADICA specializes in the application of innovative agent-based modeling software created by Argonne National Laboratory for simulating electricity markets. ADICA is worldwide distributor of the EMCAS software.
About Argonne
Argonne National Laboratory is one of the U.S. Department of Energy’s largest research centers. It is also the nation’s first laboratory, chartered in 1946. Today, the laboratory has nearly 3,000 employees, of whom about 750 hold doctorate degrees. Argonne’s annual operating budget of about $475 million supports upwards of 200 research projects ranging from studies of the atomic nucleus to global climate change research.
