Related papers: What may future electricity markets look like?
Electricity market mechanisms designed to steer sustainable generation of electricity play an important role for the energy transition intended to mitigate climate change. One of the major problems is to complement volatile renewable energy…
The new technologies emerging in the energy sector pose new requirements for both the regulation and operation of the electricity grid. Revised tariff structures and the introduction of local markets are two approaches that could tackle the…
The electricity market has a vital role to play in the decarbonisation of the energy system. However, the electricity market is made up of many different variables and data inputs. These variables and data inputs behave in sometimes…
Efficiently accommodating uncertain renewable resources in wholesale electricity markets is among the foremost priorities of market regulators in the US, UK and EU nations. However, existing deterministic market designs fail to internalize…
Harnessing the demand-side flexibility in building and mobility sectors can help to better integrate renewable energy into power systems and reduce global CO2 emissions. Enabling this sector coupling can be achieved with advances in energy…
In face of the pressing need of decarbonization in the power sector, the re-design of electricity market is necessary as a Marco-level approach to accommodate the high penetration of renewable generations, and to achieve power system…
Future energy systems are subject to various uncertain influences. As resilient systems they should maintain a constantly high operational performance whatever happens. We explore different levels and time scales of decision making in…
We propose a multi-stage stochastic programming model for the optimal participation of energy communities in electricity markets. The multi-stage aspect captures the different times at which variable renewable generation and electricity…
Electricity is typically traded in day-ahead auctions because many power system decisions, such as unit commitment, must be made in advance. However, when wind and solar generators sell power one day ahead, they face uncertainty about their…
One of the most important goals of the 21st century is to change radically the way our society produces and distributes energy. This broad objective embodies in the smart grid's futuristic vision of a completely decentralized system powered…
The intermittent nature of renewable energy resources creates extra challenges in the operation and control of the electricity grid. Demand flexibility markets can help in dealing with these challenges by introducing incentives for…
As conventional flexibility providers are gradually being replaced by variable renewable energies and electricity demand keeps rising, additional flexibility will become increasingly valuable for the power system. Meanwhile, new sources of…
Researchers have long proposed using economic approaches to resource allocation in computer systems. However, few of these proposals became operational, let alone commercial. Questions persist about the economic approach regarding its…
Energy forecasting has attracted enormous attention over the last few decades, with novel proposals related to the use of heterogeneous data sources, probabilistic forecasting, online learn-ing, etc. A key aspect that emerged is that…
With the increased energy demands of the 21st century, there is a clear need for developing a more sustainable method of energy generation, distribution, and transmission. The popularity of Smart Grid continues to grow as it presents its…
The energy market encompasses the behavior of energy supply and trading within a platform system. By utilizing centralized or distributed trading, energy can be effectively managed and distributed across different regions, thereby achieving…
Renewable energy sources, especially wind energy, are to play a larger role in providing electricity to industrial and domestic consumers. This is already the case today for a number of European countries, closely followed by the US and…
Telecommunication networks have become as critical to the 21st century development as were railways, roads and canals, to the 19th Century developments and is now seen as enabler to a more sustained business, environment and society as a…
We consider a two-stage market mechanism for trading electricity including renewable generation as an alternative to the widely used multi-settlement market structure. The two-stage market structure allows for recourse decisions by the…
The development of distributed energy resources, such as rooftop photovoltaic (PV) panels, batteries, and electric vehicles (EVs), has decentralized our power system operation, where transactive energy markets empower local energy…