Related papers: What may future electricity markets look like?
While the field of electricity price forecasting has benefited from plenty of contributions in the last two decades, it arguably lacks a rigorous approach to evaluating new predictive algorithms. The latter are often compared using unique,…
Statistical mechanics provides a useful analog for understanding the behavior of complex adaptive systems, including electric power markets and the power systems they intend to govern. Market-based control is founded on the conjecture that…
The future mobile networks facing many challenges and to cope these challenges, different standards and project has been proposed so far. Most recently Cognitive Networks has opened a new ground to present suitable architecture and…
One 'problem' with the 21st century world, particularly the economic and business worlds, is the phenomenal and increasing number of interconnections between economic agents (consumers, firms, banks, markets, national economies). This…
Modern market management systems continue to evolve due to the intentions to improve system security and reliability. This evolvement has been leading to a transition of market auction models from a deterministic structure with…
The increasing reliance on renewable energy generation means that storage may well play a much greater role in the balancing of future electricity systems. We show how heterogeneous stores, differing in capacity and rate constraints, may be…
Data is the new oil of the 21st century. The growing trend of trading data for greater welfare has led to the emergence of data markets. A data market is any mechanism whereby the exchange of data products including datasets and data…
Renewable energy brings huge uncertainties to the power system, which challenges the traditional power system operation with limited flexible resources. One promising solution is to introduce dynamic pricing to more consumers, which, if…
To achieve ambitious greenhouse gas emission reduction targets in time, the planning of future energy systems needs to accommodate societal preferences, e.g. low levels of acceptance for transmission expansion or onshore wind turbines, and…
A long-term strategy based on existing technological, ecological, economical, and geopolitical realities is urgently needed to develop a sustainable energy economy, which should be designed with adaptability to unpredicted changes in any of…
Despite hydrogen being central to Europe's decarbonisation strategy, only a small share of renewable hydrogen projects reached final investment decision. A key barrier is uncertainty about how future hydrogen markets will be designed and…
A coordinated trading process is proposed as a design for an electricity market with significant uncertainty, perhaps from renewables. In this process, groups of agents propose to the system operator (SO) a contingent buy and sell trade…
Demand response is a concept that has been around since the very first electric power systems. However, we have seen an explosion of research on demand response and demand-side technologies in the past 30 years, coinciding with the shift…
Recent environmental policies have led many academic, industrial and governmental stakeholders to design and plan scenarios with very high share of renewable energy sources (RES). New system elements such as High-voltage Direct Current…
Bioenergy is currently a major renewable energy source in Europe but faces an unclear future because of conflicting modelling results and the lack of long-term policy. This paper identifies three challenges and potential opportunities by…
Electricity market design that accounts for grid constraints such as voltage and thermal limits at the distribution level can increase opportunities for the grid integration of Distributed Energy Resources (DERs). In this paper, we consider…
Renewable energies become more important, and they contribute to the EU's goals for greenhouse-gas reduction. However, their fluctuating nature calls for demand-side-management techniques, which balance energy generation and consumption.…
Electricity price forecasting has become a critical tool for decision-making in energy markets, particularly as the increasing penetration of renewable energy introduces greater volatility and uncertainty. Historically, research in this…
As testified by new regulations like the European AI act, the worries about the societal impact of (autonomous) software technologies are becoming of public concern. Social and human values, besides the traditional software behaviour and…
The coordinated operation of interconnected but locally controlled electricity markets is generally referred to as a "coupling". In this paper we propose a new mechanism design for efficient coupling of independent electricity markets. The…