Energy
The changing face of energy production in Europe necessitates a rethink in the way that electricity markets are structured. The ‘5s’ (Future Electricity Markets) project is a multi-disciplinary project that is looking to challenge the current approach to the design and operation of electricity markets as penetration of renewable energy sources increases
Future electricity markets
Renewable energy generation is on the rise in a big way. 2014 saw record levels of deployment of
both solar and wind
technology, with countries motivated by mitigation of climate change and security of supply. The transition from today’s oil- and-coal-dominated world into the envisaged green future will not necessarily be easy, however. As the energy production
2020, it aims to provide Danish power
systems with the proper market mechanisms to cope with such a change. These mechanisms will be based in an advanced optimisation framework, from the base methodological developments to the practicalities of their implementation (for
instance requiring computing environment). a parallel
drive prices down, which will make investing in appropriate technology for the future less attractive for investors. So it is important that once we understand this impact, we then look to see if we can come up with new ideas in terms of market design to improve things.” Pinson and his team have collated a
“The first thing that needs to be assessed is what impact the introduction of these new types of energy producing technologies will have on the existing markets”
landscape changes, the operation and design of energy markets will need to evolve
just as quickly in order to
accommodate the dynamic and uncertain nature of renewable energy sources. The 5s project aims to provide both a
scientific and technical core for future models of pricing and exchanging electricity. Based in Denmark, which has set itself the ambitious objective of achieving 50 per cent renewable energy by
46
Preparing for a renewable future “The first thing that needs to be assessed is what impact the introduction of these new types of energy producing technologies will have on the existing markets,” says Professor Pierre Pinson of the Technical University of Denmark and coordinator of the 5s project. “There will inevitably be some negative sides to the impact. For instance, increased levels of solar and wind will have a tendency to
huge number of datasets to create a simplified version of the entire European transmission network. Data from meteorological institutes has allowed them to model forecasts and measurements for renewable energy production over a period of several years. By combining this with economic and technical information about the energy-producing units from across Europe, they have created a simulation that allows them to look at various outcomes, such as changes in revenue and changes in power flow. It also allows them to test the effects of coupling the markets in different ways. Assembling the datasets has made up a
large part of the work so far. Developments in the electricity market have led to greater
transparency, and greater
transparency has led to more accessible data, but the sheer volume of this data has been tricky to deal with at times. “There
Insight Publishers | Projects
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64