Article (Scientific journals)
The search for the perfect match: Aligning power-trading products to the energy transition
FRIDGEN, Gilbert; Michaelis, Anne; Rinck, Maximilian et al.
2020In Energy Policy, 144
Peer reviewed
 

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Abstract :
[en] Given the growing share of uncertain renewable energy production, the energy transition challenges modern power systems and especially calls for increased flexibility. However, relevant information on the highly assetspecific flexibility potential is typically only known to plant operators themselves and not, e.g., to transmission system operators. Therefore, liberalized electricity markets use prices that set explicit monetary incentives to disclose the relevant private information about the market participants’ assets. In this way, information asymmetries may be reduced. Given the different challenges of an integration of renewables, we argue that the associated new forms of volatile power profiles require new forms of power-trading products. In particular, based on recent advances in technical power measurement and billing, individual and market participant-specific power profiles may be superior to the current trading of average volumes. Against this background, we first outline various evolutionary adjustments of existing power-trading products and their underlying product parameters including (1) strengthening local pricing, (2) finer temporal granularity, (3) smaller minimum volume, and (4) shorter gate-closure time. Second, we open up a new perspective in form of a more disruptive shift towards power-profile trade, where market participants define their trading product using the actual power profile as a new product parameter.
Disciplines :
Computer science
Management information systems
Energy
Author, co-author :
FRIDGEN, Gilbert  ;  University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > FINATRAX
Michaelis, Anne
Rinck, Maximilian
Schöpf, Michael;  University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT)
Weibelzahl, Martin
External co-authors :
yes
Language :
English
Title :
The search for the perfect match: Aligning power-trading products to the energy transition
Publication date :
September 2020
Journal title :
Energy Policy
ISSN :
0301-4215
Publisher :
Elsevier, United Kingdom
Volume :
144
Peer reviewed :
Peer reviewed
Focus Area :
Security, Reliability and Trust
Development Goals :
7. Affordable and clean energy
Name of the research project :
P17/IS/13342933/PayPal-FNR/Chair in DFS/Gilbert Fridgen
Funders :
FNR - Fonds National de la Recherche [LU]
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