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Mathematical Modelling of Contemporary Electricity Markets

  • Book

  • January 2021
  • Elsevier Science and Technology
  • ID: 5146464

Mathematical Modelling of Contemporary Electricity Markets reviews major methodologies and tools to accurately analyze and forecast contemporary electricity markets in a ways that is ideal for practitioner and academic audiences. Approaches include optimization, neural networks, genetic algorithms, co-optimization, econometrics, E3 models and energy system models. The work examines how new challenges affect power market modeling, including discussions of stochastic renewables, price volatility, dynamic participation of demand, integration of storage and electric vehicles, interdependence with other commodity markets and the evolution of policy developments (market coupling processes, security of supply). Coverage addresses all major forms of electricity markets: day-ahead, forward, intraday, balancing, and capacity.

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Table of Contents

Part 1: Modelling market fundamentals of electricity markets 1. Forecasting energy demand with econometrics 2. An econometric approach for Germany's short-term energy demand forecasting 3. A novel adaptive day-ahead load forecast method, incorporating non-metered distributed generation: a comparison of selected European countries 4. Use probabilistic forecasting to model uncertainties in electricity markets a wind power example 5. Forecasting week-ahead hourly electricity prices in Belgium with statistical and machine learning methods 6. Modelling interlinked commodities' prices: The case of natural gas

Part 2: Modelling electricity markets 7. An optimization model for the economic dispatch problem in power exchanges 8. Power system flexibility: A methodological analytical framework based on unit commitment and economic dispatch modelling 9. Modeling cross-border interactions of EU balancing markets: a focus on scarcity pricing 10. Retailer profit maximization with the assistance of price and load forecasting processes 11. Electricity portfolio optimization: cost minimization using MILP

Part 3: Modelling technology challenges in electricity markets 12. Business opportunities in the day ahead markets by storage integration: an application to the German case. 13. The integration of dynamic demand in electricity markets: Blockchain 3.0 as an enabler of microgrid energy exchange, demand response and storage 14. Optimizing CHP operational planning for participating in day-ahead power markets: The case of a coal-fired CHP system with thermal energy storage 15. Statistical analysis of power flows based on system marginal price differentials between two power systems 16. EW Flex: A Decentralized Flexibility Marketplace Fostering TSO-DSO Cooperation

Part 4: Modelling policy challenges in electricity markets 17. Forecasting electricity supply shocks: A Bayesian panel VAR analysis 18: Assessing the Western Balkans power systems: A case study of Serbia 19. Evaluation of capacity expansion scenarios for the Hellenic electric sector 20. Formulating and estimating an energy security index: A geopolitical review of quantitative approaches 21. An ex-ante market monitoring and regulation mechanism for market concentration in electricity and natural gas markets


Athanasios Dagoumas Director, Energy and Environmental Policy Laboratory and Assistant Professor, Energy and Resource Economics, University of Piraeus, Greece. Dr. Athanasios Dagoumas is Director of the Energy and Environmental Policy laboratory and Assistant Professor in Energy and Resource Economics at the University of Piraeus. He holds a Diploma in Electrical and Computer Engineering from the Aristotle University in Thessaloniki, where he elaborated his PhD in Energy Economics. He is Member of the Board of the Cambridge Trust for New Thinking in Economics. He has more than 15 years of work and research experience in energy related issues, including working as a Senior Researcher at the University of Cambridge and as a Senior Energy Analyst at the Transmission System Operator and at the Electricity Market Operator in Greece. He was enrolled as a Special Advisor to the Ministry of Environment, Energy and Climate Change in Greece. His extensive experience builds his capacity for an in-depth understanding of multidisciplinary aspects of the energy sector: economic, engineering, environmental and policy. He is keen on developing models for the energy system, the economic-energy-environment (E3) systems and real energy markets.