Mathematical Modelling of Contemporary Electricity Markets
- 1st Edition - January 29, 2021
- Imprint: Academic Press
- Editor: Athanasios Dagoumas
- Language: English
- Paperback ISBN:9 7 8 - 0 - 1 2 - 8 2 1 8 3 8 - 9
- eBook ISBN:9 7 8 - 0 - 1 2 - 8 2 1 8 3 9 - 6
Mathematical Modelling of Contemporary Electricity Markets reviews major methodologies and tools to accurately analyze and forecast contemporary electricity markets in a ways t… Read more
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Request a sales quoteMathematical Modelling of Contemporary Electricity Markets reviews major methodologies and tools to accurately analyze and forecast contemporary electricity markets in a ways that is ideal for practitioner and academic audiences. Approaches include optimization, neural networks, genetic algorithms, co-optimization, econometrics, E3 models and energy system models. The work examines how new challenges affect power market modeling, including discussions of stochastic renewables, price volatility, dynamic participation of demand, integration of storage and electric vehicles, interdependence with other commodity markets and the evolution of policy developments (market coupling processes, security of supply). Coverage addresses all major forms of electricity markets: day-ahead, forward, intraday, balancing, and capacity.
- Provides a diverse body of established techniques suitable for modeling any major aspect of electricity markets
- Familiarizes energy experts with the quantitative skills needed in competitive electricity markets
- Reviews market risk for energy investment decisions by stressing the multi-dimensionality of electricity markets
Energy experts working with electricity companies, system operators, energy exchanges and regulators. Graduate and 1st year PhD students expanding their quantitative skills for competitive electricity markets
- Cover image
- Title page
- Table of Contents
- Copyright
- Contributors
- Preface
- Introduction
- 1: Which is the need for the book? What are its aims and scope?
- 2: What problems does the book solve?
- 3: What are the features and benefits of the book?
- 4: Who is the target audience
- 5: What is the contribution of the book in the literature?
- 6: What is the structure of the book? Does its nature (book of chapters) affect its coherence and quality?
- Part I: Modelling market fundamentals of electricity markets
- Chapter 1: Forecasting energy demand with econometrics
- Abstract
- 1: Introduction
- 2: Methodology
- 3: Methodology application
- 4: Conclusions
- Chapter 2: An econometric approach for Germany’s short-term energy demand forecasting
- Abstract
- 1: Introduction
- 2: German energy landscape
- 3: Data and methodology
- 4: Results
- 5: Conclusions
- Appendix
- Chapter 3: A novel adaptive day-ahead load forecast method, incorporating non-metered distributed generation: A comparison of selected European countries
- Abstract
- 1: Introduction
- 2: Comparative review of load forecasting methodologies
- 3: Neural networks—Mathematical background
- 4: Short-term load forecast using LSTM network
- 5: Discussion on the correlation of non-metered generation and daily loads
- 6: Conclusions
- Chapter 4: Forecasting week-ahead hourly electricity prices in Belgium with statistical and machine learning methods
- Abstract
- Acknowledgments
- 1: Introduction
- 2: Statistical and machine learning methods in electricity price forecasting
- 3: Empirical evaluation
- 4: Conclusions
- Chapter 5: Use probabilistic forecasting to model uncertainties in electricity markets—A wind power example
- Abstract
- 1: Introduction
- 2: Data source and data conditioning
- 3: Forecasting methodology
- 4: Model selection
- 5: Results
- 6: Error analysis
- 7: Conclusions
- Chapter 6: Modelling interlinked commodities' prices: The case of natural gas
- Abstract
- 1: Introduction
- 2: Literature review
- 3: Data and methodology
- 4: Empirical results
- 5: Conclusions
- Part II: Modelling electricity markets
- Chapter 7: An optimization model for the economic dispatch problem in power exchanges
- Abstract
- 1: Introduction
- 2: Mathematical model
- 3: Case study description
- 4: Results and discussion
- 5: Conclusions
- Chapter 8: Power system flexibility: A methodological analytical framework based on unit commitment and economic dispatch modelling
- Abstract
- Acknowledgments
- 1: Introduction
- 2: Methodology
- 3: Methodology application
- 4: Results
- 5: Discussion
- 6: Conclusions
- Appendix: Further results
- Chapter 9: Retailer profit maximization with the assistance of price and load forecasting processes
- Abstract
- 1: Introduction
- 2: Methodology
- 3: Results
- 4: Conclusions
- Chapter 10: Modelling cross-border interactions of EU balancing markets: A focus on scarcity pricing
- Abstract
- Acknowledgments
- 1: Introduction
- 2: The stochastic equilibrium model
- 3: Application on a two-zone system
- 4: Discussion
- 5: Conclusions and perspectives
- Appendix: Glossary
- Chapter 11: Electricity portfolio optimization: Cost minimization using MILP
- Abstract
- 1: Introduction
- 2: Mathematical model
- 3: Results and discussion
- 4: Conclusions
- Part III: Modelling technology challenges in electricity market
- Chapter 12: Business opportunities in the day ahead markets by storage integration: An application to the German case
- Abstract
- 1: Introduction
- 2: Trading mathematical model
- 3: Data description
- 4: Results and discussion
- 5: Conclusions and policy implications
- Chapter 13: The integration of dynamic demand in electricity markets: Blockchain 3.0 as an enabler of microgrid energy exchange, demand response and storage
- Abstract
- 1: Introduction
- 2: Demand response, storage, electric vehicles and peer-to-peer (P2P) blockchain energy trading
- 3: Implementation level
- 4: Technical issues on blockchain, demand response and storage
- 5: Blockchain demand management considerations and power system operation
- 6: Social dimension
- 7: Conclusions and future work
- Chapter 14: Optimizing CHP operational planning for participating in day-ahead power markets: The case of a coal-fired CHP system with thermal energy storage
- Abstract
- Acknowledgments
- 1: Introduction
- 2: Mathematical model
- 3: Illustrative example
- 4: Computational results
- 5: Conclusions
- Chapter 15: Statistical analysis of power flows based on system marginal price differentials between two power systems
- Abstract
- 1: Introduction
- 2: Methodology
- 3: Methodology application
- 4: Conclusions
- Chapter 16: EW Flex: A decentralized flexibility marketplace fostering TSO-DSO cooperation
- Abstract
- 1: Introduction
- 2: The TSO-DSO coordination issue
- 3: The Energy Web Decentralized Operating System
- 4: EW Flex
- 5: Decentralized vs centralized flexibility marketplaces
- 6: Conclusions
- Part IV: Modelling policy challenges in electricity markets
- Chapter 17: Forecasting electricity supply shocks: A Bayesian panel VAR analysis
- Abstract
- Acknowledgments
- 1: Introduction
- 2: Data and sample
- 3: Empirical methodology
- 4: Results and discussion
- 5: Conclusions
- Chapter 18: Formulating and estimating an energy security index: A geopolitical review of quantitative approaches
- Abstract
- 1: Introduction
- 2: Conceptualizing energy security
- 3: Estimating energy security
- 4: Conclusions
- Chapter 19: Assessing the Western Balkans power systems: A case study of Serbia
- Abstract
- 1: Introduction
- 2: Mathematical formulation
- 3: Case study
- 4: Results
- 5: Conclusions
- Chapter 20: Evaluation of capacity expansion scenarios for the Hellenic electric sector
- Abstract
- 1: Introduction
- 2: Methodology
- 3: Results
- 4: Conclusions
- Chapter 21: An ex-ante market monitoring and regulation mechanism for market concentration in electricity and natural gas markets
- Abstract
- 1: Introduction
- 2: Generic framework of the ex-ante market monitoring and regulation mechanism
- 3: Mathematical framework of the ex-ante market monitoring mechanism
- 4: Application in the Hellenic electricity market
- 5: Conclusions
- Index
- Edition: 1
- Published: January 29, 2021
- No. of pages (Paperback): 442
- No. of pages (eBook): 442
- Imprint: Academic Press
- Language: English
- Paperback ISBN: 9780128218389
- eBook ISBN: 9780128218396
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Athanasios Dagoumas
Dr. Athanasios Dagoumas is Director of the Energy and Environmental Policy laboratory and Assistant Professor in Energy and Resource Economics at the University of Piraeus. He holds a Diploma in Electrical and Computer Engineering from the Aristotle University in Thessaloniki, where he elaborated his PhD in Energy Economics. He is Member of the Board of the Cambridge Trust for New Thinking in Economics. He has more than 15 years of work and research experience in energy related issues, including working as a Senior Researcher at the University of Cambridge and as a Senior Energy Analyst at the Transmission System Operator and at the Electricity Market Operator in Greece. He was enrolled as a Special Advisor to the Ministry of Environment, Energy and Climate Change in Greece. His extensive experience builds his capacity for an in-depth understanding of multidisciplinary aspects of the energy sector: economic, engineering, environmental and policy. He is keen on developing models for the energy system, the economic-energy-environment (E3) systems and real energy markets.
Affiliations and expertise
Director, Energy and Environmental Policy Laboratory and Assistant Professor, Energy and Resource Economics, University of Piraeus, GreeceRead Mathematical Modelling of Contemporary Electricity Markets on ScienceDirect