Short-term and Flexibility Markets for Electricity and Gas
Component code / course code:
Semester: summer
ECTS credits: 3
Lecture hours per week (SWS):
Lecturer:
Course Language: English
Prerequisites:
Financial mathematics, probability and statistics, energy economics, fundamentals of energy commercialization.
Qualification objectives:
Participants acquire a detailed understanding of the markets for power and gas relevant to the time scale of short-term system operations and appreciate the role and value of flexibility. The course also covers strategies for participating in the short-term markets with volatile renewable energy production. Bidding behavior and the optimal use of production forecasts to minimize deviations from the nominated program are discussed in detail as well as flex and balancing on the gas side.
Course contents:
- Role of flexibility in short-term market operations (“day-ahead” to real time)
- Day-ahead and intraday markets
- Balancing market
- System security & ancillary services market
- Participation in the balancing market
- Strategic bidding
- Market participation strategies for renewable energy producers
- Renewable energy production forecasts
- Point and quantile forecasts
- Quality criteria for forecasts
- Simple forecast models based on times series techniques
- Demand-side management
- Gas balancing and flex
- Flexibility premiums for swing-contracts
- Weather derivatives and volume swaps
Teaching format (e.g. online/in person lecture/Seminar/Lab etc.): In person lecture
Examination type: Written exam, 60 minutes
