\31761 - Renewables in Electricity Markets" . Introduction Pierre Pinson Technical University of Denmark . DTU Electrical Engineering - Centre for Electric Power and Energy mail: [email protected]- webpage: www.pierrepinson.com 29 January 2018 1 / 34
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“31761 - Renewables in Electricity Markets”.
Introduction
Pierre Pinson
Technical University of Denmark.
DTU Electrical Engineering - Centre for Electric Power and Energymail: [email protected] - webpage: www.pierrepinson.com
If you do not have much opinions yourself, a lot of other people actually do... e.g.,
T.D. Couture, D. Jacobs (2013). The Future of Electricity Markets. Renewable Energy World
... as well as regular articles in local and more global media like The Economist for instance.
And if you are eager to read more, Eurelectric and the Florence School of Regulation just releasedan open e-book on future electricity markets: Design the Electricity Market(s) of the future
If you do not have much opinions yourself, a lot of other people actually do... e.g.,
T.D. Couture, D. Jacobs (2013). The Future of Electricity Markets. Renewable Energy World
... as well as regular articles in local and more global media like The Economist for instance.
And if you are eager to read more, Eurelectric and the Florence School of Regulation just releasedan open e-book on future electricity markets: Design the Electricity Market(s) of the future
2 42002 - Modelling and Analysis of Sustainable Energy Systems using OperationsResearch
3 31765 - Optimization in Modern Power Systems
And on the math/stat/opimization side (a nice plus):
1 02417 - Time Series Analysis
2 42123 - Optimization in Finance
3 02450 - Introduction to Machine Learning and Data Modelling
plus potentially others... like 31730 - Electric Power Engineering, Fundamentals
as well as a little flair for programming!
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What do you want to learn from this course?
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Learning objectives
A student who has met the objectives of the course will be able to:
1 Explain the fundamentals of electricity markets
2 Describe the impact of renewables on electricity markets
3 Collect and analyse datasets of relevance in electricity markets
4 Model and forecast relevant quantities, e.g., load, prices, or renewable energygeneration
5 Design and apply offering strategies in electricity markets
6 Write and solve relevant optimization problems for market-clearing and offeringstrategies
7 Analyse and present the results to a broad audience
Ambitious... but feasible!
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2 Who are we, who are you
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In brief
Pierre Pinson
ProfessorDTU ElektroCentre for Electric Power and EnergyHead of Energy Analytics & Markets
Visiting researcher/Visiting Professor at
1 University of Cambridge, Isaac Newton Institute (UK, 2019)
2 Ecole Normale Superieure (France, 2016)
3 European Centre for Medium-range Weather Forecasts (UK, 2010-11)
4 University of Washington, Dpt. Statistics (US, 2009),
5 University of Oxford, Dpt. Mathematics (UK, 2009)
Ph.D. (Energetics) from Ecole des Mines de Paris, FranceM.Sc. (Applied Maths) from National Institute for Applied Sciences, Toulouse, France
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The Energy Analytics & Markets group at DTU
One of the 5 groups of the Center for Electric Power and Energy,Dpt. of Electrical Engineering
Resources: (10 nationalities)
Faculty: 1 Prof, 2 Assist. Profs.
Junior: 2 post-doc fellows, 10 Ph.D. students,1 research assistant
+ student helpers, and Ph.D. guests from,e.g., China, Brazil, US, Spain, France, Italy,The Netherlands, Germany, etc.
Projects: funding from EU, Danish researchcouncils, industry, with many internationalcollaborations
Education: Various courses in energyanalytics, forecasting, optimization andmarkets
Impact: Recognized internationally leadingexpertise in energy analytics and markets.Works presented and discussed at MIT,Cambridge, Oxford, Stanford, ETH, EPFL,Imperial College, etc. 16 / 34
Overview of focus areas
Energy analyt-ics & Markets
Data-drivenanalytics
ForecastingData-drivenoptimization
Dataexchangemodels
Energy markets
Mechanismdesign
Uncertainty,variability
& flexibility
Offering& tradingConsumers at
the centre!
Systems
Stochastic &distributed
optimization
Game-theoretical
aspects
Behaviouraleconomics
Open dis-semination
Open-sourcesoftware
Open accessdatasets
Open courses
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... plus guest lecturers
Lena Kitzing
Researcher,DTU Management Engineering
Tue V. Jensen
Post-doc,DTU Elektro
Piret Stern Dahl
Online Education Project Coordinator, CLIMATE-KICActive member of Energy Crossroads DenmarkENSIGHT facilitator
The course and its evaluation rely on 4 assignments:
Assignment 1: Build and operate a realistic electricity market!
Assignment 2: Participation and revenue optimization of a renewable energy producer inthe electricity market
Assignment 3: Renewable energy forecasting: Let’s compete!
Assignments 1-3 will count for 33% of the final grade, based on a short reportdescribing the assignment work
These are:
performed over a period of 3-4 weeks,
preferably in groups of 2 or 3 (can also be done individually).
Contributions have to be clearly stated at the beginning (or end) of the report
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4 Readings (general)
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Readings: a classic!
Fundamentals of Power SystemEconomics
Available as a free e-book throughDTU Findit
Written by 2 famous Professors inElectrical Engineering
D. Kirschen in Uni. Washington,Seattle
G. Strbac at Imperial College, London
However:
Electricity markets are only part ofthe bigger picture (e.g., transmissionpricing, etc.)
Renewables are not considered
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Readings: another classic
Electricity Markets - Pricing,Structures and Economics
Available as a free e-book throughDTU Findit
Very interesting and extensive coverageof electricity markets as part of thebigger picture (history, regulation,financial modelling of power plants,etc.)
However, renewables are also notconsidered!
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Readings: a third classic
Power System Economics - DesigningMarkets for Electricity
NOT available as a free e-bookthrough DTU Findit
Already used in the 42003 course(Energy Economics, Markets andPolicies)