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Policy Implications of Power Exchanges on Operational Scheduling: Evaluating EUPHEMIA’s Market Products in Case of Greece

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  • Nikolaos Koltsaklis

    (Energy and Environmental Policy Laboratory, Department of International and European Studies, School of Economics, Business and International Studies, University of Piraeus, 18532 Piraeus, Greece)

  • Athanasios Dagoumas

    (Energy and Environmental Policy Laboratory, Department of International and European Studies, School of Economics, Business and International Studies, University of Piraeus, 18532 Piraeus, Greece)

Abstract

A vital component for the development of a functioning internal electricity market is the adoption by each European member state of the Pan-European Hybrid Electricity Market Integration (EUPHEMIA) for the day-ahead market solution. The consideration of the national power market’s characteristics enables more realistic market design towards the implementation of the so-called “Target Model”. This work considers a series of factors, including the EUPHEMIA order types, their use by market participants, the relative competitiveness of power generators, the impact of interconnected markets, the existence of market players with dominant positions, and the existence of specific regulations such as the minimum average variable cost restriction on offers by producers, as well as the strategy adopted by market participants. The main goal of this paper is to provide a comprehensive analysis on the adoption of EUPHEMIA’s algorithm in case of the Greek wholesale market, based on a relevant research project funded by the Joint Research Centre of the European Commission to support the Hellenic Regulatory Authority of Energy on its decision-making. The paper contributes to the relevant literature on the quantification of the impacts of the EUPHEMIA algorithm in the case of the Greek wholesale market, providing insights on the crucial aspects affecting realistic, market-based decision-making.

Suggested Citation

  • Nikolaos Koltsaklis & Athanasios Dagoumas, 2018. "Policy Implications of Power Exchanges on Operational Scheduling: Evaluating EUPHEMIA’s Market Products in Case of Greece," Energies, MDPI, vol. 11(10), pages 1-26, October.
    • Handle: RePEc:gam:jeners:v:11:y:2018:i:10:p:2715-:d:174959
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    References listed on IDEAS

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    5. Filippos Ioannidis & Kyriaki Kosmidou & Kostas Andriosopoulos & Antigoni Everkiadi, 2021. "Assessment of the Target Model Implementation in the Wholesale Electricity Market of Greece," Energies, MDPI, vol. 14(19), pages 1-22, October.
    6. Lu, Xiaoxing & Li, Kangping & Xu, Hanchen & Wang, Fei & Zhou, Zhenyu & Zhang, Yagang, 2020. "Fundamentals and business model for resource aggregator of demand response in electricity markets," Energy, Elsevier, vol. 204(C).
    7. Mauro Caprabianca & Maria Carmen Falvo & Lorenzo Papi & Lucrezia Promutico & Viviana Rossetti & Federico Quaglia, 2020. "Replacement Reserve for the Italian Power System and Electricity Market," Energies, MDPI, vol. 13(11), pages 1-19, June.
    8. Jemma J. Makrygiorgou & Christos-Spyridon Karavas & Christos Dikaiakos & Ioannis P. Moraitis, 2023. "The Electricity Market in Greece: Current Status, Identified Challenges, and Arranged Reforms," Sustainability, MDPI, vol. 15(4), pages 1-40, February.

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