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RES.Trade: An Open-Access Simulator to Assess the Impact of Different Designs on Balancing Electricity Markets

2024-12Journal article Open access
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dc.contributor.authorAlgarvio, Hugo
dc.contributor.authorCouto, António
dc.contributor.authorEstanqueiro, Ana
dc.date.accessioned2025-01-17T11:51:21Z
dc.date.available2025-01-17T11:51:21Z
dc.date.issued2024-12
dc.description.abstractABSTRACT: The 2050 global ambition for a carbon-neutral society is increasing the penetration of the most competitive variable renewable technologies, onshore wind and solar PV. These technologies are known for their near-zero marginal costs but highly variable time-dependent generation. Power systems with major penetrations of variable generation need high balancing flexibility to guarantee their stability by maintaining the equilibrium between demand and supply. This work presents the open-access Multi-agent Trading of Renewable Energy Sources (RES.Trade) system, which includes different market designs of the imbalance settlement and the secondary and tertiary reserves. A new imbalance settlement is also proposed in this work. The main features of RES.Trade are demonstrated using two case studies and projected 2030 scenarios: the first analysed four imbalance settlement mechanisms in Portugal, achieving a 43% reduction in penalties using the new method; the second case study assesses the impact of five procurement mechanisms of secondary power reserves in the Spanish power system, resulting in a cost reduction by 34% in the case of dynamic reserves.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.citationAlgarvio, H., Couto, A. & Estanqueiro, A. (2024) RES.Trade: An Open-Access Simulator to Assess the Impact of Different Designs on Balancing Electricity Markets. In: Energies, 2024, vol. 17(24), article nº 6212. https://doi.org/10.3390/en17246212pt_PT
dc.identifier.doi10.3390/en17246212pt_PT
dc.identifier.eissn1996-1073
dc.identifier.urihttp://hdl.handle.net/10400.9/4437
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherMDPIpt_PT
dc.relationTools for the Design and modelling of new markets and negotiation mechanisms for a ~100% Renewable European Power Systems
dc.relation.publisherversionhttps://doi.org/10.3390/en17246212pt_PT
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/pt_PT
dc.subjectRenewable energy sourcespt_PT
dc.subjectEnergy marketspt_PT
dc.subjectVariable generationpt_PT
dc.subjectVariable renewable energy sourcespt_PT
dc.titleRES.Trade: An Open-Access Simulator to Assess the Impact of Different Designs on Balancing Electricity Marketspt_PT
dc.typejournal article
dspace.entity.typePublication
oaire.awardTitleTools for the Design and modelling of new markets and negotiation mechanisms for a ~100% Renewable European Power Systems
oaire.awardURIinfo:eu-repo/grantAgreement/EC/H2020/864276/EU
oaire.citation.titleEnergiespt_PT
oaire.citation.volume17pt_PT
oaire.fundingStreamH2020
person.familyNameCouto
person.familyNameEstanqueiro
person.givenNameAntónio
person.givenNameAna
person.identifier.ciencia-idB01D-304F-6CD3
person.identifier.ciencia-id2619-80A1-A8AC
person.identifier.ciencia-id7F11-A24D-EE81
person.identifier.orcid0000-0002-4129-838X
person.identifier.orcid0000-0002-7368-8817
person.identifier.orcid0000-0002-0476-2526
person.identifier.ridJ-9752-2012
person.identifier.scopus-author-id19336967700
project.funder.identifierhttp://doi.org/10.13039/501100008530
project.funder.nameEuropean Commission
rcaap.rightsopenAccesspt_PT
rcaap.typearticlept_PT
relation.isAuthorOfPublication63bffd90-c233-4ffe-b222-d5b12e31ae33
relation.isAuthorOfPublicationa0c5b011-98c5-49d3-9ac6-ddfb6027f500
relation.isAuthorOfPublication20aa31b3-fa3c-42b7-82a4-e6b91c017f9c
relation.isAuthorOfPublication.latestForDiscoverya0c5b011-98c5-49d3-9ac6-ddfb6027f500
relation.isProjectOfPublication7d7e6f9b-bf23-4adc-8f93-2061ef327e26
relation.isProjectOfPublication.latestForDiscovery7d7e6f9b-bf23-4adc-8f93-2061ef327e26

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