Related papers: Balancing the Norwegian regulated power market ann…
In an electric power system, demand fluctuations may result in significant ancillary cost to suppliers. Furthermore, in the near future, deep penetration of volatile renewable electricity generation is expected to exacerbate the variability…
In Europe, Germany is taking the lead in the switch from the conventional to renewable energy. This poses new challenges as wind and solar energy are fundamentally intermittent, weather-dependent and less predictable. It is therefore of…
Renewable power sources have low marginal pro-duction costs, but may result in high balancing costs due to the inherent production uncertainty. Current day-ahead markets elicit only point production profiles and neglect the degree of…
Offshore wind energy is rapidly expanding, facilitated largely through auctions run by governments. We provide a detailed quantified overview of applied auction schemes, including geographical spread, volumes, results, and design…
Load side participation can provide support to the power network by appropriately adapting the demand when required. In addition, it enables an economically improved power allocation. In this study, we consider the problem of providing an…
The electricity market is a very peculiar market due to the large variety of phenomena that can affect the spot price. However, this market still shows many typical features of other speculative (commodity) markets like, for instance, data…
The knowledge base of an economy measured in terms of Triple Helix relations can be analyzed in terms of mutual information among geographical, sectorial, and size distributions of firms as dimensions of the probabilistic entropy. The…
This paper examines the evolution of the Finnish electric energy system up to 2035, focusing on the likelihood of different development paths. The primary contribution of this paper is the development of an extensive Bayesian Network,…
The European electricity market is based on large pricing zones with a uniform day-ahead price. The energy transition leads to changes in supply and demand and increasing redispatch costs. In an attempt to ensure efficient market clearing…
Because of increasing amounts of intermittent and distributed generators in power systems, many demand response programs have been developed to schedule flexible energy consumption. However, proper benchmarks for comparing these methods are…
The use of energy storage to balance electric grids is increasing and, with it, the importance of operational optimisation from the twin viewpoints of cost and system stability. In this paper we assess the real option value of balancing…
A large share of renewable energy sources integrated into the national grids and an increased interconnection capacity with asynchronous networks, are the main contributors in reducing the kinetic energy storage in the Nordic Power System.…
Fluctuating wind energy makes a stable grid operation challenging. Due to the direct contact with atmospheric turbulence, intermittent short-term variations in the wind speed are converted to power fluctuations that cause transient…
The effective allocation of cross-border trading capacities is one of the central challenges for the implementation of a pan-European internal energy market. In contrast to traditional power flow-ignorant methods like net transfer…
In this study, we develop a theoretical model of strategic equilibrium bidding and price-setting behaviour by heterogeneous and boundedly rational electricity producers and a grid operator in a single electricity market under uncertain…
In the restructured electricity industry, electricity pooling markets are an oligopoly with strategic producers possessing private information (private production cost function). We focus on pooling markets where aggregate demand is…
Weather is one of the main drivers of both the power demand and supply, especially in the Nordic region which is characterized by high heating needs and a high share of renewable energy. Furthermore, ambitious decarbonization plans may…
We consider the scenario where $N$ utilities strategically bid for electricity in the day-ahead market and balance the mismatch between the committed supply and actual demand in the real-time market, with uncertainty in demand and local…
This paper analyzes the impact of production forecast errors on the expansion planning of a power system and investigates the influence of market design to facilitate the integration of renewable generation. For this purpose, we propose a…
The recent energy crisis starting in 2021 led to record-high gas, coal, carbon and power prices, with electricity reaching up to 40 times the pre-crisis average. This had dramatic consequences for operational and risk management prompting…