Project description
Putting renewable models to the test
Europe’s renewable energy policies are among the most ambitious in the world. The move towards a near 100 % renewable European power system requires an innovative electricity market design. The EU-funded TradeRES project will test a market design in a sophisticated simulation environment that includes real-world characteristics. It will compare quantitative indicators (security of supply, average costs to consumers and investment cost recovery) to a benchmark calculation of an optimal power system. According to the project, it is essential to provide efficient operational and investment incentives for an electricity system that is characterised by a high share of variable renewable energy sources and is highly integrated in sectors like home heating and cooling and transport.
Objective
Tools for the Design and modelling of new markets and negotiation mechanisms for a ~100% Renewable European Power System
The objective of this project is to develop and test an innovative electricity market design that can meet societys needs in a (near) 100% renewable power system. Such a long-term sustainable market design needs to provide efficient operational and investment incentives for an electricity system that is characterized by a high share of variable renewable energy sources, that is highly integrated with sectors such as home heating and cooling and transport, and needs to provide efficient incentives for the participation of all demand, from households to industrial consumers. It needs to provide security of supply by ensuring sufficient controllable electricity generation capacity without becoming too costly. And despite the variability of solar and wind energy the price risk must be limited: for investors, so the cost of capital does not become too high, and for consumers so they are not exposed to unmanageable swings in their energy expenses.
In this project, a market design will be developed that meets these objectives. It will be tested in a sophisticated simulation environment in which real-world characteristics such as actors limited foresight into the future and risk aversion are included. The performance of the market design - with respect to quantitative indicators such as security of supply, average costs to consumers and investment cost recovery - will be compared to a benchmark calculation of an optimal power system, which will also be developed in this project. We will involve representatives of all key stakeholder groups - consumers, large and small power generators, network operators and government in all phases of the process, in the market design as well as the development of the optimization and simulation models, in order to ensure the social acceptability of the research process and outcomes.
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.
- natural sciences computer and information sciences software software applications simulation software
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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.3.3. - SOCIETAL CHALLENGES - Secure, clean and efficient energy
MAIN PROGRAMME
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H2020-EU.3.3.4. - A single, smart European electricity grid
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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.
RIA - Research and Innovation action
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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-LC-SC3-2018-2019-2020
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.
4466-901 S.Mamede De Infesta
Portugal
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.