Related papers: Balancing the Norwegian regulated power market ann…
To meet its commitments under the Paris Agreement and reduce its dependency on energy imports, the pace, and scale of renewable energy deployment across Europe must increase dramatically over the next decade. Such a steep change in the…
An increase in energy production from renewable energy sources is viewed as a crucial achievement in most industrialized countries. The higher variability of power production via renewables leads to a rise in ancillary service costs over…
Norway's electricity market is heavily dominated by hydropower, but the 2021--2022 energy crisis and stronger integration with Continental Europe have fundamentally altered price formation, reducing the reliability of forecasting models…
In this article, we investigate mismatch of renewable electricity production to demand and how this is affected by flexibility options on the supply side. We assess the impact of spatial and temporal smoothing on reliability of production…
Short-term electricity markets are becoming more relevant due to less-predictable renewable energy sources, attracting considerable attention from the industry. The balancing market is the closest to real-time and the most volatile among…
Renewable electricity generation has grown significantly across many European power systems, leading to a greener energy mix, but also additional complexity in balancing electricity supply and demand. Unexpected differences between…
Forecasting electricity prices is a challenging task and an active area of research since the 1990s and the deregulation of the traditionally monopolistic and government-controlled power sectors. Although it aims at predicting both spot and…
Monitoring and modelling the power grid frequency is key to ensuring stability in the electrical power system. Many tools exist to investigate the detailed deterministic dynamics and especially the bulk behaviour of the frequency. However,…
Recently, chance-constrained stochastic electricity market designs have been proposed to address the shortcomings of scenario-based stochastic market designs. In particular, the use of chance-constrained market-clearing avoids trading off…
We study day-ahead bidding strategies for wind farm operators under a one-price balancing scheme, prevalent in European electricity markets. In this setting, the profit-maximising strategy becomes an all-or-nothing strategy, aiming to take…
The presence of variable renewable energy resources with uncertain outputs in day-ahead electricity markets results in additional balancing needs in real-time. Addressing those needs cost-effectively and reliably within a competitive market…
The availability of historical data related to electricity day-ahead prices and to the underlying price formation process is limited. In addition, the electricity market in Europe is facing a rapid transformation, which limits the…
The exponential growth of renewable energy capacity has brought much uncertainty to electricity prices and to electricity generation. To address this challenge, the energy exchanges have been developing further trading possibilities,…
With increasing penetration of variable renewable energy sources (vRES) and a higher rate of electrification in the society, there will be future challenges in maintaining a continuous balance between electricity supply and demand. To…
Single imbalance pricing provides an incentive to balance responsible parties (BRPs) to intentionally introduce power schedule deviations in order to reduce the control area imbalance and receive a remuneration through the imbalance…
Considering that the existing setup of the European electricity markets promotes the spatial coordination of neighbouring power systems only on the day-ahead market stage, regional system operators have to rely mainly on their internal…
With the increasing integration of power plants into the frequency-regulation markets, the importance of optimal trading has grown substantially. This paper conducts an in-depth analysis of their optimal trading behavior in sequential…
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…
The power-grid frequency reflects the balance between electricity supply and demand. Measuring the frequency and its variations allows monitoring of the power balance in the system and, thus, the grid stability. In addition, gaining insight…
Keeping the electricity production in balance with the actual demand is becoming a difficult and expensive task in spite of an involvement of experienced human operators. This is due to the increasing complexity of the electric power grid…