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New Approaches and Valuation in Electricity Markets
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New Approaches and Valuation in Electricity Markets

A special issue of Energies (ISSN 1996-1073). This special issue belongs to the section "C: Energy Economics and Policy".

Deadline for manuscript submissions: closed (10 April 2025) | Viewed by 11541

Special Issue Editors

Dr. Marina Bertolini

E-Mail Website
Guest Editor
Department of Statistical Sciences, University of Padova, via Cesare Battisti 241, 35121 Padova, Italy
Interests: energy economics; energy markets; environmental economics; applied statistics; applied economics; economic evaluation of investments projects; real option evaluation; public economics and utility regulation; carbon emissions
Special Issues, Collections and Topics in MDPI journals
Dr. Massimiliano Coppo

E-Mail Website
Guest Editor
Department of Industrial Engineering, University of Padova, 35131 Padova, Italy
Interests: electric power systems; smart grids; active distribution networks; electricity and ancillary services markets
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The energy transition process requires a structural change in the energy markets and in the electrical systems, in order to include more players and increase the penetration of renewable energy sources, increasing efficiency and maintain system security.

Local electricity markets (energy markets, balancing markets, or single markets) see the presence of several agents whose roles must be redesigned considering market forces. Distribution system operators are managing grids where multiple agents produce and consume energy; small and medium agents shall be allowed to participate to the market and new agents can decide to invest in production (or in aggregation). Among new market agents, energy communities are new associations of consumers and prosumers for a more inclusive energy market. To fully exploit the potential of such new actors from both technical and economic standpoints, market and management frameworks should address their inclusion within the power system with clear rules and procedures.

Policy targets need evaluation tools, test models, and operational guidelines that ensure that objectives are achieved efficiently and fairly.

Topics of interest for publication in this Special Issue include but are not limited to:

  • Design of electricity markets;
  • New players in the energy markets;
  • Business models for aggregators;
  • The role of DSOs in future energy markets;
  • Investment evaluation in new energy markets;
  • Policy evaluation in the energy sector;
  • Impact of renewable production on electricity markets;
  • Efficiency in energy systems;
  • TSO-DSO coordination schemes;
  • Flexibility market impact on distribution system management;

Control frameworks for local energy aggregators.

Dr. Marina Bertolini
Dr. Massimiliano Coppo
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Energies is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • local electricity markets
  • renewable integration
  • balancing markets
  • energy communities
  • cost–benefit analysis for energy projects
  • energy aggregators.

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Published Papers (7 papers)

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Research

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18 pages, 490 KiB  
Article
Strategic Bidding to Increase the Market Value of Variable Renewable Generators in New Electricity Market Designs
by Hugo Algarvio and Vivian Sousa
Energies 2025, 18(11), 2848; https://doi.org/10.3390/en18112848 (registering DOI) - 29 May 2025
Abstract
Electricity markets with a high share of variable renewable energy require significant balancing reserves to ensure stability by preserving the balance of supply and demand. However, they were originally conceived for dispatchable technologies, which operate with predictable and controllable generation. As a result, [...] Read more.
Electricity markets with a high share of variable renewable energy require significant balancing reserves to ensure stability by preserving the balance of supply and demand. However, they were originally conceived for dispatchable technologies, which operate with predictable and controllable generation. As a result, adapting market mechanisms to accommodate the characteristics of variable renewables is essential for enhancing grid reliability and efficiency. This work studies the strategic behavior of a wind power producer (WPP) in the Iberian electricity market (MIBEL) and the Portuguese balancing markets (BMs), where wind farms are economically responsible for deviations and do not have support schemes. In addition to exploring current market dynamics, the study proposes new market designs for the balancing markets, with separate procurement of upward and downward secondary balancing capacity, aligning with European Electricity Regulation guidelines. The difference between market designs considers that the wind farm can hourly bid in both (New 1) or only one (New 2) balancing direction. The study considers seven strategies (S1–S7) for the participation of a wind farm in the past (S1), actual (S2 and S3), New 1 (S4) and New 2 (S5–S7) market designs. The results demonstrate that new market designs can increase the wind market value by 2% compared to the optimal scenario and by 31% compared to the operational scenario. Among the tested approaches, New 2 delivers the best operational and economic outcomes. In S7, the wind farm achieves the lowest imbalance and curtailment while maintaining the same remuneration of S4. Additionally, the difference between the optimal and operational remuneration of the WPP under the New 2 design is only 22%, indicating that this design enables the WPP to achieve remuneration levels close to the optimal case. Full article
(This article belongs to the Special Issue New Approaches and Valuation in Electricity Markets)
22 pages, 4264 KiB  
Article
Analysis of Techno–Economic and Social Impacts of Electric Vehicle Charging Ecosystem in the Distribution Network Integrated with Solar DG and DSTATCOM
by Ramesh Bonela, Sriparna Roy Ghatak, Sarat Chandra Swain, Fernando Lopes, Sharmistha Nandi, Surajit Sannigrahi and Parimal Acharjee
Energies 2025, 18(2), 363; https://doi.org/10.3390/en18020363 - 16 Jan 2025
Viewed by 765
Abstract
In this work, a comprehensive planning framework for an electric vehicle charging ecosystem (EVCE) is developed, incorporating solar distributed generation (DG) and a distribution static compensator (DSTATCOM), to assess their long-term techno–economic and environmental impacts. The optimal locations and capacities of the EVCE, [...] Read more.
In this work, a comprehensive planning framework for an electric vehicle charging ecosystem (EVCE) is developed, incorporating solar distributed generation (DG) and a distribution static compensator (DSTATCOM), to assess their long-term techno–economic and environmental impacts. The optimal locations and capacities of the EVCE, solar DG, and DSTATCOM are determined using an improved particle swarm optimization algorithm based on the success rate technique. The study aims to maximize the technical, financial, and social benefits while ensuring that all security constraints are met. To assess the financial viability of the proposed model over a 10-year horizon, a detailed economic analysis comprising installation cost, operation, and maintenance cost is conducted. To make the model more realistic, various practical parameters, such as the inflation rate and interest rate, are incorporated during the financial analysis. Additionally, to highlight the societal benefits of the approach, the study quantifies the long-term carbon emissions and the corresponding cost of emissions. The proposed framework is tested on both a 33-bus distribution network and a 108-bus Indian distribution network. Various planning scenarios are explored, with different configurations of the EVCE, solar-based DG, and DSTATCOM, to assist power system planners in selecting the most suitable strategy. Full article
(This article belongs to the Special Issue New Approaches and Valuation in Electricity Markets)
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18 pages, 2674 KiB  
Article
RES.Trade: An Open-Access Simulator to Assess the Impact of Different Designs on Balancing Electricity Markets
by Hugo Algarvio, António Couto and Ana Estanqueiro
Energies 2024, 17(24), 6212; https://doi.org/10.3390/en17246212 - 10 Dec 2024
Cited by 2 | Viewed by 832
Abstract
The 2050 global ambition for a carbon-neutral society is increasing the penetration of the most competitive variable renewable technologies, onshore wind and solar PV. These technologies are known for their near-zero marginal costs but highly variable time-dependent generation. Power systems with major penetrations [...] Read more.
The 2050 global ambition for a carbon-neutral society is increasing the penetration of the most competitive variable renewable technologies, onshore wind and solar PV. These technologies are known for their near-zero marginal costs but highly variable time-dependent generation. Power systems with major penetrations of variable generation need high balancing flexibility to guarantee their stability by maintaining the equilibrium between demand and supply. This work presents the open-access Multi-agent Trading of Renewable Energy Sources (RES.Trade) system, which includes different market designs of the imbalance settlement and the secondary and tertiary reserves. A new imbalance settlement is also proposed in this work. The main features of RES.Trade are demonstrated using two case studies and projected 2030 scenarios: the first analysed four imbalance settlement mechanisms in Portugal, achieving a 43% reduction in penalties using the new method; the second case study assesses the impact of five procurement mechanisms of secondary power reserves in the Spanish power system, resulting in a cost reduction by 34% in the case of dynamic reserves. Full article
(This article belongs to the Special Issue New Approaches and Valuation in Electricity Markets)
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21 pages, 2677 KiB  
Article
IoT-Based Sustainable Energy Solutions for Small and Medium Enterprises (SMEs)
by Reem Alshahrani, Ali Rizwan, Madani Abdu Alomar and Georgios Fotis
Energies 2024, 17(16), 4144; https://doi.org/10.3390/en17164144 - 20 Aug 2024
Cited by 1 | Viewed by 1930
Abstract
SMEs are asked to incorporate sustainable energy solutions into their organizations’ processes to be environmentally friendly and operate more effectively. In this regard, IoT-based technologies seem to have the potential to monitor and optimize energy use. However, more extensive research is required to [...] Read more.
SMEs are asked to incorporate sustainable energy solutions into their organizations’ processes to be environmentally friendly and operate more effectively. In this regard, IoT-based technologies seem to have the potential to monitor and optimize energy use. However, more extensive research is required to assess the efficacy of such solutions in the context of SMEs. Despite the growing interest in the Internet of Things (IoT) for renewable energy, there is a lack of information on how well these solutions work for small and medium-sized enterprises (SMEs). While much of the existing literature addresses the application of new technologies in SMEs, the social background underlying their transformation received relatively little attention in previous years. The present research adopts a quantitative approach, employing time series forecasting, specifically long short-term memory networks (LSTM). This paper uses IoT-based approaches to collect and preprocess an energy consumption dataset from various SMEs. The LSTM model is intended to forecast energy consumption in the future based on experience. In terms of analysis, the study adopts Python for data preprocessing, constructing, and assessing models. The main findings reveal a strong positive correlation (r = 0.85) between base energy consumption and overall energy usage, suggesting that optimizing base consumption is crucial for energy efficiency. In contrast, investment in RETs and staff training demonstrate weak correlations (r = 0.25 and r = 0.30, respectively) with energy consumption, indicating that these factors alone are insufficient for significant energy savings. The long short-term memory model used in the study accurately predicted future energy consumption trends with a mean absolute error of 5%. However, it struggled with high-frequency variations, showing up to 15% of mistakes. This research contributes to the literature in line with IoT-based sustainable energy solutions in SMEs, which has not been widely addressed. The findings highlight the critical role of integrating renewable energy technologies (RETs) and fostering a culture of energy efficiency, offering actionable insights for policymakers and business owners. With the application of Python in data analysis and model creation, this research shows a real-world approach to handling issues in sustainable energy management for SMEs. Full article
(This article belongs to the Special Issue New Approaches and Valuation in Electricity Markets)
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19 pages, 3265 KiB  
Article
Efficient Operationalization of Flexibility Procurement: Market Design Analysis and Process Definition
by Sarah Fanta, Ksenia Tolstrup, Markus Riegler, Lukas Obernosterer and Christina Wirrer
Energies 2024, 17(12), 2876; https://doi.org/10.3390/en17122876 - 12 Jun 2024
Viewed by 1142
Abstract
Flexibility provision for ancillary services and electricity markets has been widely seen as crucial for the future of highly interconnected energy systems with high shares of renewables. Yet, little research has so far addressed (1) how its procurement could be best operationalized and [...] Read more.
Flexibility provision for ancillary services and electricity markets has been widely seen as crucial for the future of highly interconnected energy systems with high shares of renewables. Yet, little research has so far addressed (1) how its procurement could be best operationalized and (2) how limited flexible resources can be used more efficiently given the growing system needs. This paper focuses on flexibility services for transmission operators, specifically balancing and redispatch, as well as the intraday market within the context of the European electricity market. To analyze possible services and/or market combinations, we compare three modes of flexibility procurement: (a) sequential, (b) parallel and (c) combined. We evaluate the different modes of procurement options based on eight criteria. We further investigate how the procurement of flexibility, including small-scale technical units, could be organized via a flexibility platform given the most promising implementation setup, and detail the process for “flexibility service provider <> flexibility platform <> market interaction”, taking the multi-use-case logic into account. Full article
(This article belongs to the Special Issue New Approaches and Valuation in Electricity Markets)
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18 pages, 722 KiB  
Article
Exploring the Viability of Local Electricity Markets for Managing Congestion in Spanish Distribution Networks
by Fernando García-Muñoz, Mariana Jiménez-Martínez, Josh Eichman, Cristina Corchero and Gabriela Benveniste
Energies 2024, 17(3), 659; https://doi.org/10.3390/en17030659 - 30 Jan 2024
Cited by 3 | Viewed by 1611
Abstract
This article presents the methodology and results developed as part of the Integration of Energy Resources through Local Electricity Markets (IREMEL) project, whose aim is to assess the capability of flexibility markets to manage eventual distribution network (DN) congestion produced by a high [...] Read more.
This article presents the methodology and results developed as part of the Integration of Energy Resources through Local Electricity Markets (IREMEL) project, whose aim is to assess the capability of flexibility markets to manage eventual distribution network (DN) congestion produced by a high penetration of distributed energy resources (DERs), including photovoltaic (PV) panels, battery energy storage systems (BESSs), and electric vehicles (EVs). The distribution system simulator OpenDSS has been used to simulate three Spanish DNs under multiple DER penetration scenarios considering an urban and rural low-voltage network and an industrial medium-voltage DN. Likewise, the congestion events detected in the annual simulations have been used to measure the potential of flexibility markets under different DER penetrations and energy pricing. The results suggest that oversized distribution networks could prevent a profitable flexibility market implementation since the simulations developed in this article shows that networks with high congestion levels are prime candidates to solve this issue through a market mechanism. Likewise, the results suggest that a proper price for the energy managed through a local flexibility market (LFM) could have a bigger effect on market viability than DER penetration. Full article
(This article belongs to the Special Issue New Approaches and Valuation in Electricity Markets)
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Review

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26 pages, 969 KiB  
Review
Business Models for Energy Community in the Aggregator Perspective: State of the Art and Research Gaps
by Marina Bertolini and Gregorio Morosinotto
Energies 2023, 16(11), 4487; https://doi.org/10.3390/en16114487 - 2 Jun 2023
Cited by 5 | Viewed by 3988
Abstract
Distributed Energy Resources (DERs) are spreading under the pressure of climate change mitigation plans and the framework, recognized as the most suitable to exploit DER diffusion, is the Energy Community (EC). Understanding the role of energy companies, especially Aggregators, in this context, is [...] Read more.
Distributed Energy Resources (DERs) are spreading under the pressure of climate change mitigation plans and the framework, recognized as the most suitable to exploit DER diffusion, is the Energy Community (EC). Understanding the role of energy companies, especially Aggregators, in this context, is still an open topic, as it is not clear how they can support members in the aggregation process and how they create value through their business. The aim of the study is therefore to revise whatever is currently present in the research agenda and consequently a systematic literature review has been carried out. The contribution of this work consists of illustrating the main features of Aggregators, pointing out how they implement their strategies in the energy markets, with which services they capture value, who their partners and customers are, what the financial aspects are of their activities with respect to the size of the aggregated clusters, and, in conclusion, which are the main business model structures currently deployed. Then, considerations are made concerning EC context, identifying the areas where an Aggregator could usefully support communities’ establishment and management, solving well-known hindrances, and what gaps future research should fill. Full article
(This article belongs to the Special Issue New Approaches and Valuation in Electricity Markets)
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