Future energy business is not just about efficient, clean, low-cost, renewable energy sources. Efficient price signals can motivate consumers to consume sustainable energy, and power supply systems need better real-time alignment of energy demand and supply.
The Power TAC competition models the high complexity of energy markets. It allows large-scale experimentation agents to act as retail brokers in a power distribution region. They ‘purchase’ power from a wholesale market and from local sources such as homes and businesses with solar panels. They sell power to local customers and into the wholesale market.
Brokers aim to make a profit through trading energy in the wholesale market and selling to customers via a range of tariffs. In this supply chain, the product is infinitely perishable, and supply and demand must be exactly balanced at all times. This is the challenge the retail brokers must solve. They must deal with customers, consumers, producers and ‘pro-sumers’ as well as other brokers acting as intermediaries aiming to maximise profits. The models of customers represent households, small and large businesses, multi-residential buildings, wind parks, owners of solar panels, owners of electric vehicles, and other comsumers and producers of electricity.