How to Characterise and Parameterise Agents in Electricity Market Simulation Models: The Case of Genersys

This chapter describes the process of characterisation and parameterisation of computer agents in the case of decision making of profit-driven companies in a competitive electricity market. It focuses on adaptive behaviour of generation and investment companies in Australia’s National Electricity Market (NEM) as modelled by Genersys. Through initiatives such as formal focus group meetings, gathering observations of industry experts, analysing market data and a selective approach in representing real systems, modellers can improve the design and potential future use of their simulation systems.