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Industrial electricity consumers with flexible demand can profit by adjusting their load to short-term prices and by providing balancing services to the grid. Markets which support this kind of short-term position adjustment are the…
The design of the future European energy system depends heavily on how Europe balances its domestic hydrogen production against its reliance on imports. This study reveals that neither-extreme full self-sufficiency nor complete reliance on…
The growing share of Renewable Energy Sources (RES) in modern power systems increases both grid imbalances and frequency deviations, reinforcing the need for ancillary services such as Frequency Containment Reserve (FCR) and passive…
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,…
As the transition to sustainable power generation progresses, green hydrogen production via electrolysis is expected to gain importance as a means for energy storage and flexible load to complement variable renewable generation. With the…
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…
The increased market penetration of renewable energy sources and the rapid development of electric battery storage technologies yield a potential for reducing electricity price volatility while maintaining stability of the power grid. This…
Electric power systems are undergoing a major transformation as they integrate intermittent renewable energy sources, and batteries to smooth out variations in renewable energy production. As privately-owned batteries grow from their role…
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 European Union Emission Trading Scheme (EU ETS) is a cornerstone of the EU's strategy to fight climate change and an important device for plummeting greenhouse gas (GHG) emissions in an economically efficient manner. The power industry…
In two-stage electricity markets, renewable power producers enter the day-ahead market with a forecast of future power generation and then reconcile any forecast deviation in the real-time market at a penalty. The choice of the forecast…
Motivated by the need of assessing the optimal allocation of battery energy storage services across various markets and the corresponding impact on market operations, an optimization framework is proposed in this work to coordinate the…
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…
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…
The recent rise of renewable energy produced by many decentralized sources yields interesting market design challenges for electrical grids. Balancing supply and demand in such networks is both a temporal and spatial challenge due to…
Hybrid power plants comprising renewable power sources and electrolyzers are envisioned to play a key role in accelerating the transition towards decarbonization. It is common in the current literature to use simplified operational models…
Decarbonizing global energy systems requires extensive integration of renewable energy into the electric grid. However, the intermittency and variable nature of wind and other non-dispatchable renewable resources make integration a great…
Hydrogen produced through electrolysis offers a pathway to decarbonize hard-to-abate sectors by replacing gray hydrogen derived from natural gas reforming when produced using renewable power. However, grid-connected electrolyzers may…
Transmission System Operators (TSOs) rely on balancing energy provided by Balancing Service Providers (BSPs) to maintain the supply-demand balance in real time. Balance Responsible Parties (BRPs) can simultaneously deviate from their…
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…