M-.K. Zavradinou, The modern framework of electricity market as a simulation problem: Main principles and pilot application in the daily energy scheduling of a system of conventional and renewable energy sources, Diploma thesis, 120 pages, Department of Water Resources and Environmental Engineering – National Technical University of Athens, November 2021.
The energy sector is considered of great strategic importance for the economic prosperity of a region. The main goal of Greece’s energy transition underlines the prospective growth of the sector in the following years. The European Union’s (EU) energy policy aims to achieve an integrated energy market, the security of energy supply and the sustainability of the energy sector. In the light of this policy, the operation of the European Target Model was proposed and implemented with a view to creating a mutual wholesale market model, which will contribute as a channel between surplus and deficit portfolios and will enhance competition and transparency of prices, actually benefiting the final consumer. The Energy Exchange Market operates within these requirements, while being responsible for the wholesale electricity market (pre-day and intra-day), as well as the balancing market. This dissertation consists of an overview of the current electricity market framework. Considering a virtual country, along with collecting and processing demand and weather conditions data, the energy electricity mix is formed with the objective of satisfying the electricity needs of the study area. The design of such an innovative system aims at the optimal utilization of the area’s renewable sources, i.e. solar, wind and hydroelectric energy, with the simultaneous integration of conventional sources, in the mix. The inclusion of natural gas contributes to the safety of the network in energy deficit cases. As a result, four (4) players are determined as owners of power generation units, and through pilot application in the day-ahead scheduling, their response to alternative market operating scenarios is examined and evaluated by performance measures. The optimal scenario is chosen based on the conditions that simulate the real energy market operation and are subject to the requirements of the Target Model.