Energy Market model for the Core region
Διπλωματική Εργασία

Επιβλέπων Αντώνιος Παπαβασιλείου
Συσχετιζόμενο μάθημα Ηλεκτρική Οικονομία


In the last decades, European power markets have gradually evolved from monopolies (state-owned, vertically integrated large utilities) to liberalized markets. The ultimate goal of the liberalization process is the “Integrated Energy Market” (IEM), where power markets of different European areas that have been operating separately will operate as a single one, with common structure, common rules, and simultaneous clearing. We refer to the integration of different areas into a single market as “market coupling”. Market coupling has implications for the price formation of the different areas, and it particularly affects the power flows from one area to the other. For more information on how market coupling works you are referred to [1].
Our research group has developed a detailed model that emulates the European power market coupling design. The model is described in detail in [2]. Simulations of this model allow us to research several subjects, e.g. the performance of the markets under vast penetration of RES, alternative market designs, etc.
The geographical coverage of the model currently is the CWE region, i.e., the Netherlands, Belgium, France, Switzerland, Germany, Austria, and Luxemburg.
It is within our research objectives to extend the model to the “Core region”, i.e., include also Czech Republic, Croatia, Hungary, Poland, Romania, Slovakia, and Slovenia.

Theoretical background
• An understanding (or willing of understanding) of the operation of power markets in Europe.
• Exposure to mathematical programming.

Indicative thesis objectives
• Extend the model to include the aforementioned additional regions. A significant part of this work will be to build the respective database.
• Develop a simplified version of said model and perform simulations.

The model is developed using the Julia programming language. A different language can be used to develop the simplified version (e.g. Python, Ampl, GAMS).