This paper proposes an electricity market simulator based on single-price auctions. Three kinds of mathematical decision-making models are constituted as economic agents. One is a marginal cost model, and the others are more sophisticated models taking into account market models and load prediction models. The validity of the approach is demonstrated by using a simplified two-bus test system model with multiple power producers. The simulation has shown that electricity prices depend on the behavior of economic agents in a competitive environment. The developed simulator has potential to overcome the limitation of mathematical model-based approaches. The proposed approach can predict possible hidden behaviors of selfish producers that may deteriorate the economic rationality.
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