Energy Market Engineeting at Karlsruher Institut für Technologie

Flashcards and summaries for Energy Market Engineeting at the Karlsruher Institut für Technologie

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Study with flashcards and summaries for the course Energy Market Engineeting at the Karlsruher Institut für Technologie

Exemplary flashcards for Energy Market Engineeting at the Karlsruher Institut für Technologie on StudySmarter:

Falling electricity prices due to overcapacity falling marginal costs

Exemplary flashcards for Energy Market Engineeting at the Karlsruher Institut für Technologie on StudySmarter:

Digitalization

--> Challenges in digitilization

Exemplary flashcards for Energy Market Engineeting at the Karlsruher Institut für Technologie on StudySmarter:

Dropping costs for investments in renewables and energy storage

Exemplary flashcards for Energy Market Engineeting at the Karlsruher Institut für Technologie on StudySmarter:

TRENDS IN EUROPEAN ENERGY SYSTEMS

Exemplary flashcards for Energy Market Engineeting at the Karlsruher Institut für Technologie on StudySmarter:

4 key physical properties make electricity a unique commodity


Exemplary flashcards for Energy Market Engineeting at the Karlsruher Institut für Technologie on StudySmarter:

Characteristics of electricity

--> these special characteristics influence market setup and outcome

Exemplary flashcards for Energy Market Engineeting at the Karlsruher Institut für Technologie on StudySmarter:

Drivers for Transition of the Electricity Sector

Exemplary flashcards for Energy Market Engineeting at the Karlsruher Institut für Technologie on StudySmarter:

Merit order principle and merit order effect

Exemplary flashcards for Energy Market Engineeting at the Karlsruher Institut für Technologie on StudySmarter:

Generation structure in Germany of RES

Exemplary flashcards for Energy Market Engineeting at the Karlsruher Institut für Technologie on StudySmarter:

Transmission Grid in Germany

Exemplary flashcards for Energy Market Engineeting at the Karlsruher Institut für Technologie on StudySmarter:

Electricity Grid

--> transmission networ is regulated by four network operators

Exemplary flashcards for Energy Market Engineeting at the Karlsruher Institut für Technologie on StudySmarter:

Definition: Market Engineering

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Exemplary flashcards for Energy Market Engineeting at the Karlsruher Institut für Technologie on StudySmarter:

Energy Market Engineeting

Falling electricity prices due to overcapacity falling marginal costs

--> the traditional business modell of generators is being challenged

  • Overcapacity due to renewable expansion
  • Low marginal cost of renewable generators

Energy Market Engineeting

Digitalization

--> Challenges in digitilization

  • Digitalization necessary to manage and control variable infeed, charging behaviour of EV's, virtual power plants and storage management
  • Infrastructure is not ready

Energy Market Engineeting

Dropping costs for investments in renewables and energy storage

--> Renewables are increasingly competitive with conventional generation

  • Levelized cost of electricity is shrinking
  • with decreasing cost of storage renewables become increasingly controllable

Energy Market Engineeting

TRENDS IN EUROPEAN ENERGY SYSTEMS

  • Diversification of the generation landscape
  • Reduction of CO2 emissions
  • Falling electricity prices due to overcapacity falling marginal costs
  • New business models for large producer
  • Electric vehicles (EVs)
  • Digitalization
  • Nuclear power phase-out
  • Intermittent generation
  • Dropping costs for investments in renewables and energy storage
  • Increasing difficulties of transmission networks

Energy Market Engineeting

4 key physical properties make electricity a unique commodity


  • Electricity can hardly be stored
    • continuous surveillance
    • assure that supply matches demand
  • the path followed by electricity is difficult to follow
    • interconntected utilities must cooperate
    • actions of one may cause electrons flow in/out other systems
  • Disturbances are quickly transmitted and hard to isolate
    • react almost instantly to outages in supply and demand
  • Voltage or frequency fluctuations are problematic
    • coordination has to be done with little margin for error



Energy Market Engineeting

Characteristics of electricity

--> these special characteristics influence market setup and outcome

  • Substitutability
    • Electricity is NOT easily substitutable
    • low price elasticity
  • Storage
    • technology is complex and expensive
    • low storage capacity
  • Physical characteristics
    • supply and demand need to match at all times
    • complex coordination necessary for grid stability
  • Product homogeneity
    • low differentiation potential
  • Generation diversity 
    • large variety of generation technologies
    • different cost structure and environmental impacts

Energy Market Engineeting

Drivers for Transition of the Electricity Sector

  • Resource Scarcity
    • availability and competition of resources
    • dependance on imports
  • Climate Change
    • CO2 reduction
    • Environmental laws
    • Efficient consumption
  • Society
    • people are informed
    • impact through elections
    • demonstrations
    • acceptance important
  • technological change
    • increase of demand for electricity e.g. EV
    • innovations in power-generation

--> we face a fundamental reconstruction of our electricity system

Energy Market Engineeting

Merit order principle and merit order effect

  • ranks the different generator types by increasing variable generation costs in EUR/MWh
  • price at a particular hour results from the allocation of the valid volume maximal amount of ask (generators) and bid orders
  • for conventional generators, flexible generation characteristics go together with increased variable costs
  • renewable power sources have nearly no marginal fuel related costs
  • under durrent refulation, renewables reduce the power market price value, which nominally increases the level of subsidies needed

Energy Market Engineeting

Generation structure in Germany of RES

  • 30% renewables (194 TWh)
    • 13% wind power
    • 7% Biomass
    • 6% PV

Energy Market Engineeting

Transmission Grid in Germany

  • high number of lines in densely populated areas
  • lower number of interconnections between regions which have been historically separated
  • grid in Germany has similarities to transportation infrastructure

Energy Market Engineeting

Electricity Grid

--> transmission networ is regulated by four network operators

  • 50hertz
  • tennet
  • transnet BW
  • amprion


--> Fokus auf Übertragungsnetz

Energy Market Engineeting

Definition: Market Engineering

...compromises the

  • structured, systematic and theoretically founded procedure of
  • analyzing, designing, introducing and also quality assuring
  • of (electronic) market platforms as well as their legal framework

simultaneously regarding their

  • market mechanisms and trading rules
  • systems and platforms and media rules
  • business models and rules

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