Policy Implications of Power Exchanges on Operational Scheduling: Evaluating EUPHEMIA’s Market Products in Case of Greece

Nikolaos Koltsaklis and Athanasios Dagoumas
Additional contact information
Nikolaos Koltsaklis: Energy and Environmental Policy Laboratory, Department of International and European Studies, School of Economics, Business and International Studies, University of Piraeus, 18532 Piraeus, Greece
Athanasios Dagoumas: Energy and Environmental Policy Laboratory, Department of International and European Studies, School of Economics, Business and International Studies, University of Piraeus, 18532 Piraeus, Greece

Energies, 2018, vol. 11, issue 10, 1-26

Abstract: A vital component for the development of a functioning internal electricity market is the adoption by each European member state of the Pan-European Hybrid Electricity Market Integration (EUPHEMIA) for the day-ahead market solution. The consideration of the national power market’s characteristics enables more realistic market design towards the implementation of the so-called “Target Model”. This work considers a series of factors, including the EUPHEMIA order types, their use by market participants, the relative competitiveness of power generators, the impact of interconnected markets, the existence of market players with dominant positions, and the existence of specific regulations such as the minimum average variable cost restriction on offers by producers, as well as the strategy adopted by market participants. The main goal of this paper is to provide a comprehensive analysis on the adoption of EUPHEMIA’s algorithm in case of the Greek wholesale market, based on a relevant research project funded by the Joint Research Centre of the European Commission to support the Hellenic Regulatory Authority of Energy on its decision-making. The paper contributes to the relevant literature on the quantification of the impacts of the EUPHEMIA algorithm in the case of the Greek wholesale market, providing insights on the crucial aspects affecting realistic, market-based decision-making.

Keywords: power exchanges; EUPHEMIA model; market design; target model; variable cost (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

Downloads: (external link)
https://www.mdpi.com/1996-1073/11/10/2715/pdf (application/pdf)
https://www.mdpi.com/1996-1073/11/10/2715/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jeners:v:11:y:2018:i:10:p:2715-:d:174959

Access Statistics for this article

Energies is currently edited by Ms. Agatha Cao

More articles in Energies from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().