A fully functioning and interconnected Internal Energy Market (IEM) is crucial for maintaining security of energy supply, increasing competitiveness and ensuring that all consumers can purchase energy at affordable prices.
The Internal European Market framework is still under final codification. Once ready and implemented it will have a major impact on the path towards EU energy targets for the common electricity market and help South Eastern European (SEE) countries harmonize their market structure with the IEM.
Currently a single price coupling algorithm called EUPHEMIA is utilized in the energy markets of the countries that participate in the Price Coupling of Regions (PCR) project. The goal now is to integrate the Day-Ahead power exchange and power reserve markets. To that end, a new market clearing algorithm called EUPHORIA was developed, which enables the concurrent optimization of electricity generation and control reserve allocations.
FLEXITRANSTORE will improve the EUPHORIA algorithm. A novel co-optimized Day-Ahead market design will be developed, which will include new market structures by incorporating flexibility services and engaging new actors in the electricity market. The platform will allow national electricity markets (bidding zones) following different market models to participate in the common market optimizing the coordination and the security and maximizing the social welfare of the integrated market. The market will enable Day-Ahead, Intra-Day and Real-Time scheduling.
Through this demonstration the operation of an elaborated market design and an e-market platform, which will both be developed by FLEXITRANSTORE, will be presented, both for the market participants and the system operators. The demonstration will run a fictive market in Bulgaria and in Cyprus, parallel to the current one.
Objectives - Ambition
- To demonstrate the next generation of the Flexible Energy Grid and the possibilities it creates for new marketplaces and business models.
- To test and analyze the market design and the algorithm in parallel with day-to-day operation.
- To present the concepts of the new design and to allow market players to get acquainted with it through the demonstrative procedure.
- To provide the opportunity for system operators of FLEXITRANSTORE to test the procurement of required flexibility in the new market framework.