Objective
Market player portfolio optimization has become an important area of research in the aftermath of the worldwide deregulation of the power industry that launched competitive electricity markets now embracing all market participant including generation and retail companies, transmission network providers, and market managers.
Development of the innovative methodology for the strategic market behaviour is highly required by all electricity market parts under permanently changing market conditions. For example, generating companies acting on the market compete with each other in serving the consumers' demand and have the opportunity to optimize the use of their production portfolio by pricing and bidding their available production capacity into the market. On the other hand, demand-side participants look for feasible options to avoid the high electricity market prices during peak hours. Production levels and price forecasts are of great importance for system operators, who are responsible for keeping the grid in balance.
Environmental challenges bring new requirements for market parts acting in European electricity markets. The European Strategy 2020 aims to decline global greenhouse gas emissions in most industrialized European countries. Electric energy systems are currently functioning with an increasing portion of the renewable energy productions (e.g. wind, solar based units) whose output depends on stochastic phenomena and contribute to uncertainty in electrical energy systems.
The novel methodology is developed for both supply and demand side market players acting in multiple electricity markets of different time scales to have an opportunity to optimize their portfolio by bidding or hedging against market volatility in order to get the highest possible profit or the lowest cost under stochastic dynamic market environment. The project results in the implementation of the operational tool for energy systems incorporating mainly stochastic renewable production.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
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Keywords
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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H2020-EU.1.3. - EXCELLENT SCIENCE - Marie Skłodowska-Curie Actions
MAIN PROGRAMME
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H2020-EU.1.3.2. - Nurturing excellence by means of cross-border and cross-sector mobility
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
MSCA-IF - Marie Skłodowska-Curie Individual Fellowships (IF)
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) H2020-MSCA-IF-2014
See all projects funded under this callCoordinator
Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
2800 KONGENS LYNGBY
Denmark
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.