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IARA is a computational model that provides the capability to simulate mechanism designs for economic dispatch and price formation in electricity markets. Through hourly simulations of large-scale systems, incorporating uncertainties, and with detailed representation of the physical components of generation, transmission, storage, and consumption, it is possible to assess the impacts on agents and the system of price formation mechanisms based on "cost," "offer," or any hybrid model between the two.
The code development was funded by the project Meta II Formação de Preço, "A study about short-term electric energy price formation: an analysis of the Brazilian market".
This project was funded with resources from The World Bank made viable by initiative of the Brazilian Ministry of Mines and Energy.
Execution of the project was carried out under the leadership and supervision of the Brazilian electricity market operator CCEE, with activities and development being led by PSR.
We express our thanks to all collaborators that have contributed to the project and software development.