New market designs in electricity market simulation models: Deliverable D4.5

ABSTRACT: To integrate a high share of renewables in a future system, several modifications to the electricity market rules may need to be implemented. The most relevant market design concepts were identified from the literature and reported in work package 3. There are several uncertainties, for instance with respect to the questions of whether a future electricity market will provide enough incentives for investment in variable renewable energy sources (vRES) – mainly solar and wind energy – and in flexibility options, especially for long periods with insufficient vRES generation. In this deliverable, the modelling requirements to analyse the new market rules are determined. The modelling efforts will reflect the main policy choices and are based on the strengths of the modelling capabilities from the consortium. The model enhancements to represent the temporal, spatial and sectoral flexibility will be approached in deliverables 4.1 to 4.3. For this reason, these topics will be described only briefly in this deliverable.

Description

Project TradeRES - New Markets Design & Models for 100% Renewable Power Systems: https://traderes.eu/about/

Keywords

Electricity markets Open access markets Agent-based modeling Renewable energy sources

URI

http://hdl.handle.net/10400.9/3712

Citation

Couto, António... [et.al.] - New market designs in electricity market simulation models: Deliverable D4.5. Project report of WP4 - Development of Open-access Market Simulation Models and Tools, Deliverable nº D4.5. Delft University of Technology (TU Delft), 2021, 44 pp.