High-level design for the compliance of the Greek wholesale electricity market with the Target Model provisions in Europe

Assessment of the Target Model Implementation in the Wholesale Electricity Market of Greece

Energies ◽

10.3390/en14196397 ◽

2021 ◽

Vol 14 (19) ◽

pp. 6397

Author(s):

Filippos Ioannidis ◽

Kyriaki Kosmidou ◽

Kostas Andriosopoulos ◽

Antigoni Everkiadi

Keyword(s):

Electricity Market ◽

System Capacity ◽

Successful Implementation ◽

The European Union ◽

Wholesale Market ◽

Target Model ◽

Time Period ◽

Unethical Behaviors ◽

Wholesale Electricity Market ◽

Of Greece

The European Union Target Model aims to integrate European energy market by removing barriers to trade and align markets. The most important goals of the Target Model are to provide consistent prices, enhance liquidity, support cross boarder trading, facilitate interconnections, and coordinate the use of transmission system capacity. In that context, the smooth operation of both forward and spot markets is a core development that directly affects the good operation of the wholesale market. This paper examines the application of the Target Model in the wholesale electricity market of Greece and its impact on electricity prices. The study explores the time period before the implementation of the Target Model, which took place on November 2020, and the first nine months of its execution. Based on the feedback received by the rest of the European countries, which are already part of the European Single Market, this crucial period of time is considered transitional, when many distortions and unethical behaviors take place. Empirical findings indicate a relatively successful implementation of the Target Model in Greece, with price disorders mostly met in the Balancing Market.

Download Full-text

A Game Theoretic Approach in Bidding Strategy in Iran Wholesale Electricity Market: Does Increasing Steps Matter for Profit Maximizers?

SSRN Electronic Journal ◽

10.2139/ssrn.3643961 ◽

2020 ◽

Author(s):

Mostafa Toranji

Keyword(s):

Electricity Market ◽

Bidding Strategy ◽

Theoretic Approach ◽

For Profit ◽

Game Theoretic ◽

Wholesale Electricity Market ◽

Game Theoretic Approach

Download Full-text

Household electricity demand, the intrinsic flexibility index and UK wholesale electricity market prices

Environmental Economics and Policy Studies ◽

10.1007/s10018-020-00296-1 ◽

2020 ◽

Author(s):

Jacopo Torriti

Keyword(s):

Electricity Market ◽

Power Plants ◽

Electricity Demand ◽

Market Prices ◽

Vast Number ◽

Spot Prices ◽

Time Use Survey ◽

Wholesale Electricity Market ◽

The Uk ◽

Flexibility Index

AbstractDuring peak electricity demand periods, prices in wholesale markets can be up to nine times higher than during off-peak periods. This is because if a vast number of users is consuming electricity at the same time, power plants with higher greenhouse gas emissions and higher system costs are typically activated. In the UK, the residential sector is responsible for about one third of overall electricity demand and up to 60% of peak demand. This paper presents an analysis of the 2014–2015 Office for National Statistics National Time Use Survey with a view to derive an intrinsic flexibility index based on timing of residential electricity demand. It analyses how the intrinsic flexibility varies compared with wholesale electricity market prices. Findings show that spot prices and intrinsic flexibility to shift activities vary harmoniously throughout the day. Reflections are also drawn on the application of this research to work on demand side flexibility.

Download Full-text

Detecting the impact of fundamentals and regulatory reforms on the Greek wholesale electricity market using a SARMAX/GARCH model

Energy ◽

10.1016/j.energy.2017.10.064 ◽

2018 ◽

Vol 142 ◽

pp. 1083-1103 ◽

Cited By ~ 4

Author(s):

George P. Papaioannou ◽

Christos Dikaiakos ◽

Athanasios S. Dagoumas ◽

Anargyros Dramountanis ◽

Panagiotis G. Papaioannou

Keyword(s):

Electricity Market ◽

Garch Model ◽

Wholesale Electricity Market ◽

The Impact ◽

Regulatory Reforms

Download Full-text

Prosumer Community Portfolio Optimization via Aggregator: The Case of the Iberian Electricity Market and Portuguese Retail Market

Energies ◽

10.3390/en14133747 ◽

2021 ◽

Vol 14 (13) ◽

pp. 3747

Author(s):

Ricardo Faia ◽

Tiago Pinto ◽

Zita Vale ◽

Juan Manuel Corchado

Keyword(s):

Portfolio Optimization ◽

Electricity Markets ◽

Electricity Market ◽

Retail Market ◽

Wholesale Market ◽

Generation Capacity ◽

Wholesale Electricity Market ◽

Portfolio Optimization Model ◽

Photovoltaic Generators

The participation of household prosumers in wholesale electricity markets is very limited, considering the minimum participation limit imposed by most market participation rules. The generation capacity of households has been increasing since the installation of distributed generation from renewable sources in their facilities brings advantages for themselves and the system. Due to the growth of self-consumption, network operators have been putting aside the purchase of electricity from households, and there has been a reduction in the price of these transactions. This paper proposes an innovative model that uses the aggregation of households to reach the minimum limits of electricity volume needed to participate in the wholesale market. In this way, the Aggregator represents the community of households in market sales and purchases. An electricity transactions portfolio optimization model is proposed to enable the Aggregator reaching the decisions on which markets to participate to maximize the market negotiation outcomes, considering the day-ahead market, intra-day market, and retail market. A case study is presented, considering the Iberian wholesale electricity market and the Portuguese retail market. A community of 50 prosumers equipped with photovoltaic generators and individual storage systems is used to carry out the experiments. A cost reduction of 6–11% is achieved when the community of households buys and sells electricity in the wholesale market through the Aggregator.

Download Full-text