Autonomous Data-Driven Decision-Making in Smart Electricity Markets

Abstract

For the vision of a Smart Grid to materialize, substantial advances in intelligent decentralized control mechanisms are required. We propose a novel class of autonomous broker agents for retail electricity trading that can operate in a wide range of Smart Electricity Markets, and that are capable of deriving long-term, profit-maximizing policies. Our brokers use Reinforcement Learning with function approximation, they can accommodate arbitrary economic signals from their environments, and they learn efficiently over the large state spaces resulting from these signals. Our design is the first that can accommodate an offline training phase so as to automatically optimize the broker for particular market conditions. We demonstrate the performance of our design in a series of experiments using real-world energy market data, and find that it outperforms previous approaches by a significant margin.

Cite

Text

Peters et al. "Autonomous Data-Driven Decision-Making in Smart Electricity Markets." European Conference on Machine Learning and Principles and Practice of Knowledge Discovery in Databases, 2012. doi:10.1007/978-3-642-33486-3_9

Markdown

[Peters et al. "Autonomous Data-Driven Decision-Making in Smart Electricity Markets." European Conference on Machine Learning and Principles and Practice of Knowledge Discovery in Databases, 2012.](https://mlanthology.org/ecmlpkdd/2012/peters2012ecmlpkdd-autonomous/) doi:10.1007/978-3-642-33486-3_9

BibTeX

@inproceedings{peters2012ecmlpkdd-autonomous,
  title     = {{Autonomous Data-Driven Decision-Making in Smart Electricity Markets}},
  author    = {Peters, Markus and Ketter, Wolfgang and Saar-Tsechansky, Maytal and Collins, John},
  booktitle = {European Conference on Machine Learning and Principles and Practice of Knowledge Discovery in Databases},
  year      = {2012},
  pages     = {132-147},
  doi       = {10.1007/978-3-642-33486-3_9},
  url       = {https://mlanthology.org/ecmlpkdd/2012/peters2012ecmlpkdd-autonomous/}
}