Variable Renewable Energy and Market Design: New Products and a Real-World Study
1
LNEG–National Laboratory of Energy and Geology, Est. Paço Lumiar 22, 1649-038 Lisbon, Portugal
2
Instituto Superior Técnico, 1049-001 Lisbon, Portugal
*
Author to whom correspondence should be addressed.
Energies 2019, 12(23), 4576; https://doi.org/10.3390/en12234576
Received: 14 October 2019 / Revised: 22 November 2019 / Accepted: 27 November 2019 / Published: 30 November 2019
(This article belongs to the Special Issue Multi-Agent Energy Systems Simulation)
Most existing energy markets (EMs) were not designed to take into account an active participation of variable renewable energy (VRE). This situation results typically in imbalances and substantial costs in balancing markets. Such costs are reflected both in the energy and the VRE parts of the consumer tariffs. Both appropriate market products and new elements of market design may largely facilitate the large-scale integration of VRE in EMs. Accordingly, this article presents a new bilateral energy contract and introduces two new marketplaces that can contribute to reduce the imbalances resulting from VRE producers. It also presents a study conducted with the help of an agent-based tool, called MATREM. The results indicate a significant decrease in the imbalances and the associated costs.
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Keywords:
day-ahead market; balancing market; bilateral trading; market design; variable renewable energy; agent-based simulation; 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.; Lopes, F.; Couto, A.; Estanqueiro, A.; Santana, J. Variable Renewable Energy and Market Design: New Products and a Real-World Study. Energies 2019, 12, 4576.
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