{"title":"Energy consumption and economic growth in the light of meeting the targets of energy policy in the EU","authors":"Sławomir Śmiech, M. Papież","doi":"10.1109/EEM.2014.6861217","DOIUrl":"https://doi.org/10.1109/EEM.2014.6861217","url":null,"abstract":"The aim of the paper is to assess linkages between energy consumption and economic growth in the light of compliance with the EU energy policy targets stated in the climate and energy package for 2020 in the European Union member states in the period 1993-2011. The study is divided into two main stages. During the first one, using cluster analysis methods, four groups of countries which met three energy policy targets stated in the package at similar levels were identified. During the second stage, the bootstrap Granger panel causality approach proposed by Konya [9] was used to verify the hypothesis of energy-growth nexus in the countries from the groups. The results obtained reveal that the level of compliance with energy policy targets influences linkages between energy consumption and economic growth. Causal relations were found in the group of countries with the greatest improvements on the EU energy policy targets.","PeriodicalId":261127,"journal":{"name":"11th International Conference on the European Energy Market (EEM14)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131312153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Energy mix optimisation — Case study for Poland","authors":"M. Wierzbowski","doi":"10.1109/EEM.2014.6861274","DOIUrl":"https://doi.org/10.1109/EEM.2014.6861274","url":null,"abstract":"The paper proposed refers to the optimization tool that can provide an invaluable help in energy policy development, leading to the right energy mix. It includes the analysis of the model of energy mix optimization developed at the Department for Strategic Analyses at the Chancellery of the Prime Minister of the Republic of Poland. As an addition the paper provides the description of modifications and upgrades, developed by the author, that make the model more useful for simulations of energy policy assumptions. In the end, the paper presents a set of simulation scenarios for energy mix in Poland, relating to the EU energy and climate policy.","PeriodicalId":261127,"journal":{"name":"11th International Conference on the European Energy Market (EEM14)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129734721","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Towards the European internal electricity market: An efficient cross-zonal redispatch cost-sharing methodology among European transmission system operators","authors":"M. Vukasovic, P. Schavemaker","doi":"10.1109/EEM.2014.6861241","DOIUrl":"https://doi.org/10.1109/EEM.2014.6861241","url":null,"abstract":"In this paper, some possible causes for the activation of remedial actions are touched upon, seen within the light of the zonal-based market design in Europe. Supported by a small test case, an efficient and fair principle for cost-sharing of cross-zonal redispatch is proposed, that is in line with the European target model for capacity calculation and allocation. The developed cost sharing key for the cross-zonal redispatch interlinks both the commercial and the physical world by means of a common grid model, and facilitates a cost sharing for the different types of cross-zonal remedial actions which are “activated” either in the planning phase or deployed close to the real-time.","PeriodicalId":261127,"journal":{"name":"11th International Conference on the European Energy Market (EEM14)","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128132823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Fundamental and speculative shocks, what drives electricity prices?","authors":"K. Maciejowska","doi":"10.1109/EEM.2014.6861289","DOIUrl":"https://doi.org/10.1109/EEM.2014.6861289","url":null,"abstract":"In the paper, Structural Vector Autoregressive models (SVAR) are used to identify fundamental and speculative shocks, in the UK electricity market. The structural shocks are identified via short run restrictions, which are imposed on the matrix of instantaneous effects. In the research, two main types of shocks are considered: fundamental shocks, which result from unexpected changes of demand, supply and generation costs and speculative shocks, which are associated solely with electricity prices. The results indicate that speculative shocks play an important role in the price setting process. Although they account for a significant part (from 30% to 95%) of the price volatility, I do not find evidence that the influence differs between peak and off-peak hours. When fundamental shocks are considered, some dependence between their effects on electricity prices and periods of the day is confirmed. For example, the impact of wind supply shocks on electricity prices is significantly stronger during the peak hours than during the off-peak hours. Moreover, the supply shocks become a major source of electricity price volatility during the peak hours. Finally, it is confirmed that shocks associated with generation costs (prices of fuels) don't have any instantaneous effect on the electricity prices.","PeriodicalId":261127,"journal":{"name":"11th International Conference on the European Energy Market (EEM14)","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126575359","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economy of electricity storage in the Nordic electricity market: The case for Finland","authors":"Behnam Zakeri, S. Syri","doi":"10.1109/EEM.2014.6861293","DOIUrl":"https://doi.org/10.1109/EEM.2014.6861293","url":null,"abstract":"Energy storage systems can be employed for benefiting from price arbitrage, smoothing the imbalance in the power systems for higher integration of intermittent renewable energy, and power quality services. The economic implications of electric energy storage systems should be analyzed based on the characteristics of each electricity market. To this end, in this study, costs and potential benefits of electricity storage in the Nordic power market are examined for the case of Finland, based on the historical prices in 2009-2013. We examine different electrical energy storage systems including pumped hydro, compressed air, NaS, lead acid, and vanadium-redox flow batteries. An algorithm is presented to determine the optimal life cycles of batteries to make the highest benefit to cost ratio. The optimal size of each electricity storage system is also analyzed for each operating market (day-ahead and balancing market). While no storage system is purely profitable in intraday price arbitrage, the results show that pumped hydro has the highest annual benefit-to-cost ratio, up to 25 % in day-ahead (Elspot) and 75% in balancing market. The levelized cost of power generation for pumped hydro is 32-46 €/MWh plus the cost of charging electricity for the Finnish power market. Other possible benefits for electricity storage are examined, including frequency-controlled normal and disturbance reserve. The results demonstrate that none of the batteries are profitable even with the aggregation of revenues from ancillary services, under current market conditions.","PeriodicalId":261127,"journal":{"name":"11th International Conference on the European Energy Market (EEM14)","volume":"226 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127885386","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Model-based analysis of the impact of effective competition on supply security in energy market","authors":"H. Aghaie, P. Palensky, R. Haas","doi":"10.1109/EEM.2014.6861283","DOIUrl":"https://doi.org/10.1109/EEM.2014.6861283","url":null,"abstract":"This paper analyzes the impact of effective competition on the supply security problem in the German electricity market. Based on the energy-only resource adequacy mechanism utilized in ERCOT, effective competition is defined by two major elements. The first element is active demand-side participation in the market and the second one is defining optimal price cap in the market to achieve efficient scarcity prices. Then, a dynamic model is proposed and different scenarios of effective competition are applied to two different market designs; energy-only market and energy market with capacity payments. Results show that increasing the price cap to approach to the Value of Lost Load (VOLL) and higher levels of demand-side participation in the market reduce the risk of generation inadequacy and mitigate the supply security problem in the investigated electricity market. Also, utilizing effective competition in energy markets with capacity payment mechanism triggers more investment in comparison with energy-only markets.","PeriodicalId":261127,"journal":{"name":"11th International Conference on the European Energy Market (EEM14)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131620378","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Revenue-adequate pricing mechanisms in non-convex electricity markets: A comparative study","authors":"P. Andrianesis, G. Liberopoulos","doi":"10.1109/EEM.2014.6861305","DOIUrl":"https://doi.org/10.1109/EEM.2014.6861305","url":null,"abstract":"Electricity market designs that allow multi-part bids and consider the technical characteristics of the generation units are characterized by non-convexities. Such market designs, when operated under marginal pricing, may result in losses for the market participants, and for this reason they are usually supplemented by some sort of side payments or uplifts, as they are often called. In this paper, we study pricing mechanisms that generate revenues to the market participants that are adequate to cover any losses arising from the non-convexities without the need for external uplift payments. We provide the formulations for a stylized Unit Commitment and Economic Dispatch problem, and we introduce a new pricing mechanism, which we call \"Minimum Zero-sum Uplift\". We compare the different schemes on a common numerical example and study their behavior. The findings allow us to obtain useful insights on the performance and the mechanics of each mechanism.","PeriodicalId":261127,"journal":{"name":"11th International Conference on the European Energy Market (EEM14)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132043211","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Diversity of transmission system operators for Grid Integrated Vehicles","authors":"Paul Codani, M. Petit, Y. Perez","doi":"10.1109/EEM.2014.6861209","DOIUrl":"https://doi.org/10.1109/EEM.2014.6861209","url":null,"abstract":"A modular framework is used to analyze how Grid Integrated Vehicles (GIVs), i.e. bi-directional plug-in electric vehicles that are able to modulate their charging rate and have bi-directional capabilities, could be managed efficiently to deliver valuable grid services for transmission operators and conversely, how these new services could be set aside by the design of the current rules in some regions. Based on a detailed analysis of the rules implemented by some representative TSOs, we discern two modules that gather the essential rules for GIV development: the rules towards aggregation of EVs, and the rules defining the payment scheme of the services provided by GIVs. We deduce an optimal combination among these rules that could define the ideal organization for GIVs. At last, we confront this ideal TSO organization with ENTSOE guidelines.","PeriodicalId":261127,"journal":{"name":"11th International Conference on the European Energy Market (EEM14)","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123755139","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Wojciech Łyżwa, B. Olek, M. Wierzbowski, W. Mielczarski
{"title":"Why do we need capacity markets?","authors":"Wojciech Łyżwa, B. Olek, M. Wierzbowski, W. Mielczarski","doi":"10.1109/EEM.2014.6861267","DOIUrl":"https://doi.org/10.1109/EEM.2014.6861267","url":null,"abstract":"The publications on the power balance for Europe by ENTSO-E indicate diminishing power reserves in practically all European Union countries. There are two main reasons named as: (a) missing money and (b) missing capacity. The former relates to the existing power assets which capacities are not offered to Transmission System Operators because market prices are too low to provide the return of operating costs. The latter results from a lack of economic signals from electricity markets to encourage power companies to invest in new power generating capacity. The solution to the existing power balance problems and the emerging challenges relating to new investments seems to be the introduction of capacity or power markets in parallel to the existing electricity markets. The analysis presented focuses on the best structure and rules for capacity markets to ensure the smooth introduction and non-conflicting cooperation with the existing energy markets. The critical analysis indicates that decentralized capacity markets can be the solutions not only for improvement of power adequacy but also for stimulation of Distributed Generation and Demand Side Response.","PeriodicalId":261127,"journal":{"name":"11th International Conference on the European Energy Market (EEM14)","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122026783","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Deployment of energy storages for ancillary services","authors":"B. Olek","doi":"10.1109/EEM.2014.6861271","DOIUrl":"https://doi.org/10.1109/EEM.2014.6861271","url":null,"abstract":"Development of renewable energy resources led to significant increase of distributed generation (DG) penetration, especially in low voltage networks. Uncontrolled DG operation results with reduction of network reliability and numerous violation of technical standards. Energy storage is a tool, which due to accumulation ability and power electronic equipment can neutralize negative impact of DG. Nevertheless operation of energy storage and DG as well should be carried out preserving common market and legal rules of power industry. The paper deals with usage of energy storage for local energy balancing and ancillary services, traded on decentralized technical markets.","PeriodicalId":261127,"journal":{"name":"11th International Conference on the European Energy Market (EEM14)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122422926","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}