Experimental and Theoretical Evaluation of Current and Proposed Markets Including Effects of Ancillary Services

This report first discusses the unique experimental platform POWERWEB and the LEEDR lab, and their roles in this project. PJM and New England market data were analyzed to determine their efficiency as well to try and quantify the effects of similarities and differences between market rules. Finally, experiments were performed to try and determine if market characteristics were indeed captured. We are especially interested in ancillary service market design. An important result is that we are able to design autonomous agents to operate the markets, where these agents capture essential market characteristics. This means we can use these agents to examine the operation of systems.