A Trading Simulator Model for the Wholesale Electricity Market

Oprea, Simona-Vasilica; Bârã, Adela; Preoțescu, Dan; Bologa, Ramona; Coroianu, Lucian

doi:10.1109/access.2020.3029291

Cited by 14 publications

(6 citation statements)

References 34 publications

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“…This study continues the recent research on renewable energy in Romania [14,27,28]. Chirita et al [27] explore the renewable energy in Romania in the framework of the circular economy as a cybernetic system.…”

Section: The Stage Of Knowledge In the Fieldsupporting

confidence: 69%

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A Comprehensive Analysis of Renewable Energy Based on Integrating Economic Cybernetics and the Autoregressive Distributed Lag Model—The Case of Romania

et al. 2023

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Renewable energy represents a crucial resource in the efforts to combat climate change and reduce dependence on fossil fuels. In the past few decades, Romania has lessened its environmental footprint and played an important role in actions against climate change. In this research, the energy sector in Romania is analyzed from a holistic perspective as a complex adaptive system by using econometric tools. The purpose of the research is to analyze the Romanian energy sector as a cybernetic system and to study the long-run and the short-run causal impact of greenhouse gas emissions (GHG) and renewable energy (RE) on real GDP per capita. The causality among GHG, foreign direct investment (FDI), RE, and real GDP is checked by means of the autoregressive distributed lag model (ARDL). The time series are extracted from Eurostat and OECD databases and cover the period 2000-2021. The results reveal that (i) the variables are cointegrated according to the ARDL bounds test; (ii) in the long run, GHG negatively impacts GDP, RE positively impacts GDP; (iii) in the short run, GHG and RE positively impact GDP; (iv) the speed of adjustment is around 32%. The study holds significance both for scholars and the policy makers from the governmental environment agencies that should decide how to effectively reduce GHG emissions, promote renewable energy adoption, and design policies to facilitate the transition to a low-carbon economy.

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Section: The Stage Of Knowledge In the Fieldsupporting

confidence: 69%

“…Chirita et al [27] explore the renewable energy in Romania in the framework of the circular economy as a cybernetic system. Also, they discover a long-run negative correlation between GDP and renewable energy consumption in Romania [27,28] from 2000 to 2021.…”

Section: The Stage Of Knowledge In the Fieldmentioning

confidence: 99%

A Comprehensive Analysis of Renewable Energy Based on Integrating Economic Cybernetics and the Autoregressive Distributed Lag Model—The Case of Romania

et al. 2023

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“…The power generated is in (14). Equation (15) establishes that the power generated plus the allocation of the secondary and tertiary reserve to be increased must be less than the difference between the effective net capacity and the technical minimum. This is so that the unit, by having this type of reserve allocation, has the capacity to perform the service when required.…”

Section: Allocation Modelmentioning

confidence: 99%

“…Three papers are worth mentioning from an academic perspective for this paper. In [15] a trading market simulator is presented so that market participants can simulate different strategies to assess the expected cash flow for different electricity markets. The article simulates four European electricity markets -Bilateral market, day-ahead market, intraday market, and balancing markets -.…”

Section: Introductionmentioning

confidence: 99%

An Intraday Market Design for Colombia’s Energy Transition

2022

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The massive promotion of intermittent renewable resources as a decarbonization strategy for economies has led to the need to reconsider current market designs in order to facilitate the integration of this kind of production technology. The intraday market has established itself as an efficient mechanism for these purposes, as has been seen in diverse international experiences, principally Europe. The Colombian electricity market is no stranger to the needs of these reforms, as the National Energy and Mining Planning Office of Colombia (UPME in Spanish) estimates that by 2034 almost 30% of the electricity generation matrix will be comprised of intermittent renewable resources. This paper develops several elements to be considered for the implementation of an intraday market in Colombia, backed with quantitative information, contrary to previous studies that have based their recommendations on qualitative elements. The number of discrete intraday sessions, the effect of changing from a sequential energy and reserve allocation scheme to a cooptimized one, as well as the adjustment mechanism -or a balance mechanism -after the gate closure are, among other aspects, analyzed in this study. The computational simulations executed with real data from two operating months with different characteristics in terms of prices, unavailable assets -a liquidity factor for the new market -and system contingencies support the design elements developed in this study. That is, the proposed design -four sections, co-optimization of energy and reserve, and an adjustment mechanism that is not based only on the use of reserves -tested with real data confirm that this proposal is more convenient than the other kind of design from an operating cost and unavailability management perspective. The results reveal market design elements that must be considered in Colombia and serve as input for other countriesparticularly Latin American countries -that are in the process of updating their electricity market designs as part of the current energy transition. INDEX TERMS electricity market reform, Colombian electricity market, intraday electricity market design, renewable energy penetrationNOMENCLATURE -Set of resources that do not modify their offer price and availability for an intraday session s B. PARAMETERS PO .,0 12

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“…First, on a timeline, the bilateral contracts have to be considered in the market strategy, then the Day-Ahead Market (DAM) and Intraday Market (IDM), followed by the Ancillary Service Market (ASM) and finally the Balancing Market (BM) (Martini et al, 2001;Oprea et al, 2020). In Martini et al (2001), DESPOT (decision-support simulator for power trading) is introduced.…”

mentioning

confidence: 99%

Improving the Strategies of the Market Players Using an Ai-Powered Price Forecast for Electricity Market

Bâra,

Oprea,

Ciurea

2023

Technological and Economic Development of Economy

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This paper analyses the recent evolution of the electricity price of one of the EastEuropean countries’ Balancing Markets (BM) – Romania, aiming to understand the prices trend and predict them in the current economic and geopolitical context. This is especially important as the electricity producers have to allocate their output between wholesale electricity market, ancillary services markets and BM targeting to maximize value and achieve a sustainable economic development. Therefore, in this paper, we propose an AI-powered electricity price forecast using several types of standout Machine Learning (ML) algorithms such as classifiers and regressors to predict the electricity price on BM. This approach, consisting of two steps, identifies the imbalance sign and significantly enhances the performance of the price forecast. The proposed method offers valuable insights into the market participants’ trading opportunities using two prediction solutions. The first prediction solution consists of averaging the results of five ensemble ML algorithms. The second one consists in weighting the results of the five forecasting ML algorithms using either a linear regression or a decision tree algorithm. Thus, we propose to combine supervised and unsupervised ML algorithms and find the fundamentals for creating optimal bidding strategies for electricity market players.

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A Trading Simulator Model for the Wholesale Electricity Market

Cited by 14 publications

References 34 publications

A Comprehensive Analysis of Renewable Energy Based on Integrating Economic Cybernetics and the Autoregressive Distributed Lag Model—The Case of Romania

A Comprehensive Analysis of Renewable Energy Based on Integrating Economic Cybernetics and the Autoregressive Distributed Lag Model—The Case of Romania

An Intraday Market Design for Colombia’s Energy Transition

Improving the Strategies of the Market Players Using an Ai-Powered Price Forecast for Electricity Market

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