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From Day-Ahead to a 6-Hour Period-Ahead Market Adapted to the Stochastic Behaviour of Variable Energy Renewable Sources

2025-07Conference paper Open access
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datacite.subject.fosEngenharia e Tecnologia::Outras Engenharias e Tecnologias
datacite.subject.sdg12:Produção e Consumo Sustentáveis
datacite.subject.sdg13:Ação Climática
dc.contributor.authorCouto, António
dc.contributor.authorAlgarvio, Hugo
dc.contributor.authorLopes, Fernando
dc.contributor.authorEstanqueiro, Ana
dc.contributor.authorSantos, Gabriel
dc.contributor.authorLezama, Fernando
dc.contributor.authorFaia, Ricardo
dc.contributor.authorCarvalho, Rui
dc.contributor.authorVale, Zita
dc.date.accessioned2025-09-23T13:27:56Z
dc.date.available2025-09-23T13:27:56Z
dc.date.issued2025-07
dc.description.abstractABSTRACT: The existing electricity market design challenges the fair and competitive participation of variable renewable energy sources (vRES) due to their weather dependence and limited forecasting accuracy, especially for long-time horizons, as required in the day-ahead market (DAM). These challenges impact market clearing prices and create imbalances, leading to inefficiencies, such as market-splitting events. To enhance the market efficiency and fairness for vRES producers, this work proposes a period-ahead market (PAM) with a 6-hour rolling horizon instead of the traditional 24-hour DAM. A case study of the Iberian electricity market with 2030 energy mix scenarios for Portugal and Spain, demonstrates that, in PAM, vRES producers can reduce wind and solar power forecast errors by over 7 % and 4 %, respectively, when compared with DAM. This leads to a 2 % decrease in electricity prices and an annual reduction of marketsplitting events in 158 hours thus enhancing price harmonization between Portugal and Spain. Additionally, balancing prices also decreased in PAM benefiting the balance responsible parties. The findings highlight that PAM improves the market's efficiency, a key factor in the pathway for the decarbonization of power systems.eng
dc.identifier.citationCouto, A., Algarvio, H., Lopes, F., Estanqueiro, A., Santos, G., Lezama, F., Faia, R., Carvalho, R. & Vale, Z. (2025). From Day-Ahead to a 6-Hour Period-Ahead Market Adapted to the Stochastic Behaviour of Variable Energy Renewable Sources. In: 21st International Conference on the European Energy Market (EEM), Lisbon, Portugal, 27-29 May, 2025, pp. 1-6. https://doi.org/10.1109/EEM64765.2025.11050295
dc.identifier.doi10.1109/EEM64765.2025.11050295
dc.identifier.isbn979-8-3315-1278-1
dc.identifier.urihttp://hdl.handle.net/10400.9/6075
dc.language.isoeng
dc.peerreviewedyes
dc.publisherInstitute of Electrical and Electronics Engineers
dc.relationTools for the Design and modelling of new markets and negotiation mechanisms for a ~100% Renewable European Power Systems
dc.relationResearch Group on Intelligent Engineering and Computing for Advanced Innovation and Development
dc.relation.hasversionhttps://ieeexplore.ieee.org/document/11050295
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectElectricity markets
dc.subjectVariable renewable energy sources
dc.subjectRenewable energy sources
dc.subjectForecast
dc.subjectPower systems
dc.subjectLow carbon energy
dc.titleFrom Day-Ahead to a 6-Hour Period-Ahead Market Adapted to the Stochastic Behaviour of Variable Energy Renewable Sourceseng
dc.typeconference paper
dspace.entity.typePublication
oaire.awardTitleTools for the Design and modelling of new markets and negotiation mechanisms for a ~100% Renewable European Power Systems
oaire.awardTitleResearch Group on Intelligent Engineering and Computing for Advanced Innovation and Development
oaire.awardURIinfo:eu-repo/grantAgreement/EC/H2020/864276/EU
oaire.awardURIhttp://hdl.handle.net/10400.9/6074
oaire.citation.conferenceDate2025-05
oaire.citation.conferencePlaceLisboa, Portugal
oaire.citation.title21st International Conference on the European Energy Market (EEM)
oaire.fundingStreamH2020
oaire.fundingStreamConcurso de avaliação no âmbito do Programa Plurianual de Financiamento de Unidades de I&D (2017/2018) - Financiamento Base
oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
person.familyNameCouto
person.familyNameAlgarvio
person.familyNameLopes
person.familyNameEstanqueiro
person.givenNameAntónio
person.givenNameHugo
person.givenNameFernando
person.givenNameAna
person.identifier.ciencia-id2619-80A1-A8AC
person.identifier.ciencia-id7F11-A24D-EE81
person.identifier.orcid0000-0002-7368-8817
person.identifier.orcid0000-0002-4129-838X
person.identifier.orcid0000-0002-2967-627X
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
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relation.isAuthorOfPublication.latestForDiscoverya0c5b011-98c5-49d3-9ac6-ddfb6027f500
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