Major recent changes in electricity markets relate to the process for their deregulation, along with increasing participation of renewable (stochastic) generation e.g. wind power. Our general objective is to model how feedback, competition and stochasticity (on the production side) interact in...

In this paper, we consider an electricity market that consists of a day-ahead and a balancing settlement, and includes a number of stochastic producers. We first introduce two reference procedures for scheduling and pricing energy in the day-ahead market: on the one hand, a conventional...

Accurate wind power forecasts highly contribute to the integration of wind power into power systems. The focus of the present study is on large-scale offshore wind farms and the complexity of generating accurate probabilistic forecasts of wind power fluctuations at time-scales of a few minutes....

This paper presents an analysis of how day-ahead electricity spot prices are affected by day-ahead wind power forecasts. Demonstration of this relationship is given as a test case for the Western Danish price area of the Nord Pool's Elspot market. Impact on the average price behaviour is...

Advances in IT, control and forecasting capabilities have made demand response a viable, and potentially attractive, option to increase power system flexibility. This paper presents a critical review of the literature in the field of demand response, providing an overview of the benefits and...

The optimal design of offering strategies for wind power producers is commonly based on unconditional (and, hence, constant) expectation values for prices in real-time markets, directly defining their loss function in a stochastic optimization framework. This is why it may certainly be...

A large part of the decision-making problems actors of the power system are facing on a daily basis requires scenarios for day-ahead electricity market prices. These scenarios are most likely to be generated based on marginal predictive densities for such prices, then enhanced with a temporal...

Climate change is expected to influence the occurrence and magnitude of rainfall extremes and hence the flood risks in cities. Major impacts of an increased pluvial flood risk are expected to occur at hourly and sub-hourly resolutions. This makes convective storms the dominant rainfall type in...

Climate change is expected to have a negative impact on the power system of the Iberian Peninsula; changes in river runoff are expected to reduce hydropower generation, while higher temperatures are expected to increase summer electricity demand, when water resources are already limited. However,...