Missing terms for economic agent-based modelling

[litotes18]

Some economic terms are missing:

feed-in tariff
remuneration
tax
dues
levies
fees
premium (with capacity premium and (variable) market premium as subclasses)
LCOE
money
system cost
electricity price

Other important terms:
forecast + forecast error + forecast period
awarded power
stored energy
offered power
Gas combined cycle

More special terms are:
energyToPowerRatio
self discharge rate
charging efficiency
discharging efficiency
initial energy level
storage strategy
share of revenues
market revenues
forecasted price
value of lost load
installed power

I would like to start a discussion on including them into the OEO.

[l-emele]

Regarding installed capacity, we already have:

• nameplate capacity: Nameplate capacity is the quantity value stating the maximum power a power generating unit or a power plant can generate, and the sum of the power ratings of all energy converting devices of that power plant.
• declared net capacity: Declared net capacity is the quantity value stating the maximum power a power generating unit or a power plant can deliver to the electrical grid. It equals the sum of the rated powers of all plant generators minus all power used internally within the plant.

Does one of these two concept fit to your understanding of installed capacity? If not, what are the differences?

[litotes18]

Yes, that fits – sorry, that one slipped through my checks if a concept was already there! Concerning some other concepts – I am often unsure if it is better to have the concept itself or the two more general concepts it is combined of, e.g. “offered power” or “charging efficiency”. I would like to discuss that perhaps in a special meeting? Ulrich Von: l-emele ***@***.***> Gesendet: Donnerstag, 19. August 2021 15:00 An: OpenEnergyPlatform/ontology ***@***.***> Cc: Frey, Ulrich ***@***.***>; Assign ***@***.***> Betreff: Re: [OpenEnergyPlatform/ontology] Missing terms for economic agent-based modelling (#839) Regarding installed capacity, we already have: * nameplate capacity: Nameplate capacity is the quantity value stating the maximum power a power generating unit or a power plant can generate, and the sum of the power ratings of all energy converting devices of that power plant. * declared net capacity: Declared net capacity is the quantity value stating the maximum power a power generating unit or a power plant can deliver to the electrical grid. It equals the sum of the rated powers of all plant generators minus all power used internally within the plant. Does one of these two concept fit to your understanding of installed capacity? If not, what are the differences? — You are receiving this because you were assigned. Reply to this email directly, view it on GitHub<#839 (comment)>, or unsubscribe<https://github.com/notifications/unsubscribe-auth/AJ5P3CJEXJTDYR7R3YRWDG3T5T54BANCNFSM5COEZKKQ>. Triage notifications on the go with GitHub Mobile for iOS<https://apps.apple.com/app/apple-store/id1477376905?ct=notification-email&mt=8&pt=524675> or Android<https://play.google.com/store/apps/details?id=com.github.android&utm_campaign=notification-email>.

[litotes18]

As an update, here are some preliminary definitions we can use to discuss:

class	definition proposal	issue/PR	status
feed-in tariff	is a policy mechanism designed to accelerate investment in renewable energy technologies by offering long-term contracts to renewable energy producers. Their goal is to offer cost-based compensation to renewable energy producers, providing price certainty and long-term contracts that help finance renewable energy investments.	#909	implemented
remuneration	is financial compensation provided in exchange for services performed	#902	implemented
tax	is a compulsory financial charge or some other type of levy imposed on an individual or legal entity by a governmental organization in order to fund government spending	#909	implemented
dues	the payments that someone makes in order to belong to an organization	#913	implemented
levies	an amount of money, such as a tax, that you have to pay to a government or organization	#909	implemented
fees	an amount of money paid for a particular piece of work or for a particular right or service	#913	implemented
premium	an amount of money paid to get a particular product or service
contract for difference	?
(variable) market premium	?	#909	implemented
capacity premium	?	#909	implemented
forecast error	is the difference between the actual or real and the predicted or forecast value of a time series	#907
energyToPowerRatio	the duration in time that an electrical device can operate while delivering its output. Calculated by dividing the energy capacity (in MWh) by the power rating (MW).
self discharge rate	the rate a storage unit, e.g. a battery losses energy
charging efficiency	the difference between the amount of energy that is put into a machine or battery and the amount that comes out of it when putting electricity into it
discharging efficiency	the difference between the amount of energy that is put into a machine or battery and the amount that comes out of it when getting electricity from it
initial energy level energy	?
storage strategy	plan to achieve an overall goal for storage units
share of revenues	share from income from trading at markets (subclass)
LCOE	a measure of the average net present cost of electricity generation for a generating plant over its lifetime. It is used for investment planning and to compare different methods of electricity generation on a consistent basis.	#906	implemented as levelised cost of electricity
agent		#210	implemented
awarded power	amount of electricity that a participant may sell at a market (exchange)
stored energy	storage capacity ?	#1466	implemented as energy storage content
money	is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context
offered power	amount of electricity that a participant offers to sell at a market (exchange)
market revenues	income from trading at markets	#908	implemented
forecasted price	predicted price by a model
system cost	total costs of a system	#910	implemented
electricity price	price you pay for getting electricity	#910	implemented

(edited by @l-emele to get a nicely formated table, added status)

EDIT 2023-04-21: Updated table

[l-emele]

In general, this is a list of concepts covering a variety of topics, so I suggest splitting these into separate issues covering each only one or a few closely related topics.

A few specific notes already:

• Regarding money there was in issue We should add the term money to oeo-social #335 the conclusion not to include money. We might consider revising this decision.
• For system cost and levelised cost of energy (LCOE) we have cost (Cost is an economic value that describes the amount of money needed to buy, make, or do a thing.) as potential parent class.
• For forecasted price and electricity price we have monetary price (A monetary price is an economic value that describes the amount of money requested, expected, required or given in exchange for something else.) as potential parent class.
• For feed-in tariff we have policy instrument (A policy instrument is a specifically dependent continuant that is an action by the government that is intended to promote the adoption of a (transformative) measure.) gas potential parent class.
• For charging efficiency and discharging efficiency we have energy conversion efficiency (Energy conversion efficiency is a process attribute describing the ratio between the input of an energy transformation and the outputs that are used.) as potential parent class.
• The proposed definition of energyToPowerRatio seems to be related to the definition of our class full load hours (Full load hours are a quantity value that describes the utilization of a technical device. The value of the full load hours is obtained by dividing the annual amount of energy generated by the declared net capacity of the plant.). Either they are equivalent or one might be the parent concept of the other.
• stored energy: We have a class storage capacity (:Storage capacity is the quantity value stating the maximum energy an energy storage object can store._).

[sfluegel05]

I would like to discuss that perhaps in a special meeting?

That's a good idea. I'll put it on the agenda of our next dev meeting.

[han-f]

@litotes18, @stap-m and @han-f had a meeting on October 11, in which we discussed most of the concepts. I will now open separate issues for these, so @stap-m can implement and we can track easily by closing issues once done. I'll refer to #839 in each of these issues.