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Erschienen in:
2016 | OriginalPaper | Buchkapitel
Optimal Trading Strategies in Intraday Power Markets
verfasst von : Enrico Edoli, Stefano Fiorenzani, Tiziano Vargiolu
Erschienen in: Optimization Methods for Gas and Power Markets
Verlag: Palgrave Macmillan UK
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Traditionally, day-ahead markets have been considered the spot part of electricity markets. The trading and price formation mechanism of day-ahead markets were and are pretty much homogeneous among different power markets around the world. They are auction-based markets with a system marginal price formation mechanism. All the 24 hours of the day following the auction date can be traded, independently or in blocks. However, in recent years the impressive penetration of non-programmable renewable energy sources in many countries has introduced inefficiency into the day-ahead market framework. Wind and solar generation units are not typically able to forecast exactly their production 36–24 hours in advance, hence for them a day-ahead market is not sufficient to avoid dangerous unbalancings. Figure 8.1 displays forecast error reduction for wind generation in Germany as the forecast time horizon reduces.