Changing the Day-Ahead Gate Closure to Wind Power Integration: A Simulation-Based Study
1
LNEG–National Laboratory of Energy and Geology, 1649-038 Lisbon, Portugal
2
Instituto Superior Técnico, 1049-001 Lisbon, Portugal
*
Author to whom correspondence should be addressed.
Energies 2019, 12(14), 2765; https://doi.org/10.3390/en12142765
Received: 5 June 2019 / Revised: 12 July 2019 / Accepted: 16 July 2019 / Published: 18 July 2019
(This article belongs to the Special Issue Challenges and Opportunities for the Renewable Energy Economy)
Currently, in most European electricity markets, power bids are based on forecasts performed 12 to 36 hours ahead. Actual wind power forecast systems still lead to large errors, which may strongly impact electricity market outcomes. Accordingly, this article analyzes the impact of the wind power forecast uncertainty and the change of the day-ahead market gate closure on both the market-clearing prices and the outcomes of the balancing market. To this end, it presents a simulation-based study conducted with the help of an agent-based tool, called MATREM. The results support the following conclusion: a change in the gate closure to a time closer to real-time operation is beneficial to market participants and the energy system generally.
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Keywords:
day-ahead market; balancing market; gate closure; forecast uncertainty; wind power forecast; agent-based simulation; the MATREM system
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited
MDPI and ACS Style
Algarvio, H.; Couto, A.; Lopes, F.; Estanqueiro, A. Changing the Day-Ahead Gate Closure to Wind Power Integration: A Simulation-Based Study. Energies 2019, 12, 2765.
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