Couto, AntónioSchimeczek, ChristophAlgarvio, HugoPreto, IsabelKochems, JohannesSantos, TiagoNienhaus, KristinaEstanqueiro, Ana2022-01-212022-01-212021-10Couto, António... [et.al.] - New forecast tools to enhance the value of VRE on the electricity market: Deliverable D4.9. Project report of WP4 - Development of Open-access Market Simulation Models and Tools, Deliverable nº D4.9. LNEG, 2021, 51 pp.http://hdl.handle.net/10400.9/3716Project TradeRES - New Markets Design & Models for 100% Renewable Power Systems: https://traderes.eu/about/ABSTRACT: The present deliverable was developed as part of the research activities of the TradeRES project Task 4.4 - Enhancing the value of VRE on the electricity markets with advanced forecasting and ramping tools. This report presents the first version of deliverable 4.9, which consists on the description and implementation of the forecasting techniques aiming to identify and explore the time synergies of meteorological effects and electricity market designs in order to maximize the value of variable renewable energy systems and minimize market imbalances. An overview of key aspects that characterize a power forecast system is presented in this deliverable through a literature review. This overview addresses the: i) forecast time horizon; ii) type of approach (physical, statistical or hybrid); iii) data pre-processing procedures; iv) type of forecast output; and v) the most common metrics used to evaluate the performance of the forecast systems.engElectricity marketsOpen access marketsAgent-based modelingRenewable energy sourcesreport