[en] The Greek Day-Ahead Electricity Market facilitates a diverse array of order types and offers participants a plethora of choices. While Block Orders are theoretically supported, their accessibility is confined to a subset of market participants so as to ensure the Market Clearing Price formation and the technical feasibility of the resulting Market Schedules. This paper presents a quantitative analysis of the implications of lifting the currently applicable restrictions on the availability of Block Orders in the Greek Day-Ahead Electricity Market, based on past historical data. Clustering techniques are used to convert anonymized past Hourly Hybrid Orders into plausible Block Orders A market clearing simulator is then used to derive the outcome of the market given the created plausible Block Orders. Simulations are conducted under Coupling and Isolated conditions for three Indicative weeks in 2022 and while exploring various scenarios for the specifications of the new Block Orders and the categories of participants who could use them. Assessment metrics encompass Marginal Clearing Price (MCP) statistics, instances of Paradoxically Rejected Block Orders, and Lost Opportunity Cost, shedding light on whether restrictions should be upheld or mitigated.
Disciplines :
Electrical & electronics engineering
Author, co-author :
Moustakas, Konstantinos; Hellenic Energy Exchange S A, Athens, Greece
Papazoglou, Georgios K.; School of Electrical and Computer Engineering, Aristotle University of Thessaloniki, Thessaloniki, Greece
Bakirtzis, Emmanouil A.; Hellenic Energy Exchange S A, Athens, Greece
Karangelos, Efthymios ; Université de Liège - ULiège > Département d'électricité, électronique et informatique (Institut Montefiore) > Méthodes stochastiques ; School of Electrical and Computer Engineering, National Technical University of Athens, Athens, Greece
Papavasiliou, Anthony; School of Electrical and Computer Engineering, National Technical University of Athens, Athens, Greece
Language :
English
Title :
Impact assessment of the order types mix in the Greek day-ahead electricity market
Publication date :
2024
Event name :
14th Mediterranean Conference on Power Generation Transmission, Distribution and Energy Conversion, MEDPOWER 2024
Event place :
Athens, Greece
Event date :
03-11-2024 => 06-11-2024
Audience :
International
Main work title :
IET Conference Proceedings
Publisher :
Institution of Engineering and Technology, London, United Kingdom
Collection ISSN :
2732-4494
Peer review/Selection committee :
Peer reviewed
European Projects :
HE - 101136139 - CRETE VALLEY - Crete Renewable Energy Valley
Funders :
EU - European Union
Funding text :
The work presented is based on research conducted within the framework of the Horizon Europe European Commission project Crete Valley (Grant Agreement No 101136139). The content of the paper is the sole responsibility of its authors and does not necessary reflect the views of the EC.
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