ABSTRACT
This chapter introduces energy demand, energy supply and energy balance, and the concept of price determination based on expectations and price markup. Modeling of energy demand using LEAP software and artificial neural networks (ANNs) are also presented. The system dynamics modeling of energy demand, energy supply and energy price in the form of causal loop diagrams and stock–flow diagrams are presented. These models are simulated to demonstrate how modeling can be used to generate scenarios of energy demand, energy supply and price for different policy options to assist in the planning of electric power systems.
