Publication
The reform of Balancing Markets: Insights from Portugal and Spain [Abstract]
| dc.contributor.author | Algarvio, Hugo | |
| dc.contributor.author | Couto, António | |
| dc.contributor.author | Lopes, Fernando | |
| dc.contributor.author | Estanqueiro, Ana | |
| dc.date.accessioned | 2024-09-13T14:23:36Z | |
| dc.date.available | 2024-09-13T14:23:36Z | |
| dc.date.issued | 2024-07 | |
| dc.description.abstract | ABSTRACT: The legislation of the European Commission for regulating the European Internal Market of Electricity (EIME) establishes measures for the electricity market harmonization. These measures are designed to encourage the active participation of renewable generation in balancing markets (BMs). RESTrade (Multi-agent Trading of Renewable Production) tool models and enables the simulation of existing secondary and tertiary markets but also simulates improvements to current market designs. These changes, developed within the scope of H2020 TradeRES project (grant agreement no. 864276) are: i) 15-minute trades of reserves and penalty prices, ii) participation of smaller (0.1 MW) aggregated or single players, and iii) separate procurement and bidding of energy and capacity reserves. They are aligned with the EIME legislation. Furthermore, the tool can also compute the imbalance settlement (IS) based on the Portuguese or Spanish mechanisms such as a new approach for computing the dynamic procurement of secondary capacity. This work uses RESTrade to simulate the BMs of Portugal and Spain during 2019, where the weight penalties are around 18.5% and 21.3% of the wholesale market prices. The dynamic procurement increased the usage of its up and down capacities by 12% and 6% in Spain during the period 2019-2022, respectively. The simulation of a new IS mechanism during 2019 in Portugal and Spain, resulted in a reduced penalty of 12.2% and 4.4% of the wholesale prices paid, respectively. | pt_PT |
| dc.description.version | N/A | pt_PT |
| dc.identifier.citation | Algarvio, H., Couto, A., Lopes, F. & Estanqueiro, A. (2024) The reform of Balancing Markets: Insights from Portugal and Spain. In: 33rd European Conference on Operational Research, Copenhagen, Denmark, 30th June – 3rd July, 2024. | pt_PT |
| dc.identifier.isbn | 978-87-93458-26-0 | |
| dc.identifier.uri | http://hdl.handle.net/10400.9/4352 | |
| dc.language.iso | eng | pt_PT |
| dc.relation | Tools for the Design and modelling of new markets and negotiation mechanisms for a ~100% Renewable European Power Systems | |
| dc.relation.publisherversion | https://www.euro2024cph.dk/ | pt_PT |
| dc.rights.uri | http://creativecommons.org/licenses/by/4.0/ | pt_PT |
| dc.subject | Electricity markets | pt_PT |
| dc.subject | Renewable energy generation | pt_PT |
| dc.subject | Regulation | pt_PT |
| dc.subject | Portugal | pt_PT |
| dc.subject | Spain | pt_PT |
| dc.title | The reform of Balancing Markets: Insights from Portugal and Spain [Abstract] | pt_PT |
| dc.type | conference object | |
| dspace.entity.type | Publication | |
| oaire.awardTitle | Tools for the Design and modelling of new markets and negotiation mechanisms for a ~100% Renewable European Power Systems | |
| oaire.awardURI | info:eu-repo/grantAgreement/EC/H2020/864276/EU | |
| oaire.citation.conferencePlace | Copenhagen, Denmark | pt_PT |
| oaire.citation.title | 33rd European Conference on Operational Research (EURO 24) | pt_PT |
| oaire.fundingStream | H2020 | |
| person.familyName | Couto | |
| person.familyName | Lopes | |
| person.familyName | Estanqueiro | |
| person.givenName | António | |
| person.givenName | Fernando | |
| person.givenName | Ana | |
| person.identifier.ciencia-id | B01D-304F-6CD3 | |
| person.identifier.ciencia-id | 2619-80A1-A8AC | |
| person.identifier.ciencia-id | 7F11-A24D-EE81 | |
| person.identifier.orcid | 0000-0002-4129-838X | |
| person.identifier.orcid | 0000-0002-7368-8817 | |
| person.identifier.orcid | 0000-0002-2967-627X | |
| person.identifier.orcid | 0000-0002-0476-2526 | |
| person.identifier.rid | J-9752-2012 | |
| person.identifier.scopus-author-id | 19336967700 | |
| project.funder.identifier | http://doi.org/10.13039/501100008530 | |
| project.funder.name | European Commission | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | conferenceObject | pt_PT |
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