Tools for the Design and Modelling of New Markets and Negotiation Mechanisms for a ~100% Renewable European Power System
The TradeRES project will develop and test innovative electricity market designs that can meet society’s needs for 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.
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 main objectives of this project are:
- To develop new electricity markets design for ~100% renewable power systems;
- To model and simulate to the new market agentes, procedures and mechanisms;
- To develop open-access tools and analyzing ~100% renewable eletricity markets
- To engage key stakeholders in the develpment, improvement and use of the new market simulation tools.
LNEG (coordinator), Imperial College London, TNO, Smartwatt, EnBW, ISEP, TUDelft, DLR, bityoga, VTT.
This project has received funding from the European Union’s Horizon 2020 research and innovation program under grant agreement 864276