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Energies 2018, 11(10), 2715; https://doi.org/10.3390/en11102715

Policy Implications of Power Exchanges on Operational Scheduling: Evaluating EUPHEMIA’s Market Products in Case of Greece

Energy and Environmental Policy Laboratory, Department of International and European Studies, School of Economics, Business and International Studies, University of Piraeus, 18532 Piraeus, Greece
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Received: 14 August 2018 / Revised: 26 September 2018 / Accepted: 9 October 2018 / Published: 11 October 2018
(This article belongs to the Special Issue Model Coupling and Energy Systems)
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Abstract

A vital component for the development of a functioning internal electricity market is the adoption by each European member state of the Pan-European Hybrid Electricity Market Integration (EUPHEMIA) for the day-ahead market solution. The consideration of the national power market’s characteristics enables more realistic market design towards the implementation of the so-called “Target Model”. This work considers a series of factors, including the EUPHEMIA order types, their use by market participants, the relative competitiveness of power generators, the impact of interconnected markets, the existence of market players with dominant positions, and the existence of specific regulations such as the minimum average variable cost restriction on offers by producers, as well as the strategy adopted by market participants. The main goal of this paper is to provide a comprehensive analysis on the adoption of EUPHEMIA’s algorithm in case of the Greek wholesale market, based on a relevant research project funded by the Joint Research Centre of the European Commission to support the Hellenic Regulatory Authority of Energy on its decision-making. The paper contributes to the relevant literature on the quantification of the impacts of the EUPHEMIA algorithm in the case of the Greek wholesale market, providing insights on the crucial aspects affecting realistic, market-based decision-making. View Full-Text
Keywords: power exchanges; EUPHEMIA model; market design; target model; variable cost power exchanges; EUPHEMIA model; market design; target model; variable cost
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Koltsaklis, N.; Dagoumas, A. Policy Implications of Power Exchanges on Operational Scheduling: Evaluating EUPHEMIA’s Market Products in Case of Greece. Energies 2018, 11, 2715.

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