In this paper, the variations in hydropower generation are addressed considering the seasonality and ENSO (El Niño-Southern Oscillation) episodes. The dynamic hypothesis and the stock-flow structure of the Colombian electricity market were analyzed. Moreover, its dynamic behavior was analyzed by using Dynamic Systems tools aimed at providing deep insight into the system. The MATLAB/Simulink model was used to evaluate the Colombian electricity market. Since we combine System Dynamics and Dynamic Systems, this methodology provides a novel insight and a deeper analysis compared with System Dynamics models and can be easily implemented by policymakers to suggest improvements in regulation or market structures. We also provide a detailed description of the Colombian electricity market dynamics under a broad range of demand growth rate scenarios inspired by the bifurcation and control theory of Dynamic Systems.
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All Science Journal Classification (ASJC) codes
- Energías renovables, sostenibilidad y medio ambiente
- Ingeniería energética y tecnologías de la energía
- Energía (miscelánea)
- Control y optimización
- Ingeniería eléctrica y electrónica