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Energy storage models require binary variables to correctly model reserves and to ensure that the storage cannot charge and discharge simultaneously. This paper proposes a tight linear program (LP), i.e., convex hull, for the storage, which guarantees that there is no better LP approximation to its mixed-integer program (MIP) counterpart. Although...
Driven by climate change concerns, Europe has taken significant initiatives toward the decarbonization of its energy system. The European Commission (EC) has set targets for 2030 to achieve at least 40% reduction in greenhouse gas emissions with respect to the 1990 baseline level and cover at least 32% of the total energy consumption in the Europea...
The TradeRES project will develop and test innovative electricity market designs that can meet society’s needs of a (near) 100% renewable power system. A long-term sustainable market design needs to provide efficient operational and investment incentives for an electricity system that is characterized by a high share of variable renewable energy sources (VREs) by increasing integration with other energy sectors, e.g. transport and hydrogen, and by increasing participation of flexible electricity demand from households to industrial consumers. Furthermore, this market design needs to provide security of supply by ensuring sufficient controllable electricity generation capacity whilst being economically efficient. Finally, despite the variability of solar and wind energy, the market risks should be allocated in an efficient and socially accepted way. This should also safeguard that consumers are not exposed to extreme swings in their energy expenses. In this sense, this project aims at finding market designs that are economically efficient in the above setting. To achieve these goals the project will use an iterative methodology and involve the key players from the energy sector in order to achieve and test the most suitable market designs. The project TradeRES – Tools for the Design and Modelling of New Markets and Negotiation Mechanisms for a ~100% Renewable European Power System, is funded by the EU framework programme for research and innovation Horizon 2020 under the call H2020-LC-SC3-2019-ES-SCC.