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Description
The module focuses on the question of how power markets have been evolving and could be further reformed to accommodate growing shares of renewables. Using a multi-disciplinary perspective, it reviews the basics of power market design, providing an overview of the most significant challenges faced by the sector and identifying a range of options for reform based on real-world experiences and innovative approaches found in the literature. Starting with the key concepts and the basics of power sector economics, the module introduces the temporal and spatial dimensions of markets while examining the different roles that actors and stakeholders play. The main techno-economic challenges (and opportunities) arising from the increased penetration of intermittent generation together with the decentralised architecture and the demand response paradigm, which alter the physical system and market dynamics, are considered from the perspective of the energy, balancing and ancillary services market design solutions for a high-renewable and deeply decarbonised future.
Module deliveries for 2024/25 academic year
Last updated
This module description was last updated on 8th April 2024.
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