Operation of Electricity Markets

Course: Operation of Electricity Markets

Code: 3ФЕИТ09013

ECTS points: 6 ECTS

Number of classes per week: 3+0+0+3

Lecturer: Prof. Dr. Vesna Borozan

Course Goals (acquired competencies): This course is designed to provide advanced knowledge on the principles of the electricity markets operation and the types of electricity markets. The students will be capable of understanding the impact of the transmission networks to the electricity market operation and integration into a single market.

Course Syllabus: 1. Objectives and principles of the market-based operation of power system and legal and organizational models of competition: Monopoly, Single-buyer model, Wholesale market, Retail market; 2. Alternative organisations of electricity market place; Need for organised market places, Types of electricity markets: Bilateral contracts, Centralised electricity markets; 3. Bilateral contracts: Physical contracts, Forward contracts, Future contracts, Options, Contracts for difference; 4. Centralised electricity markets: Spot-market – Day-ahead market, Intra-day market, Balancing energy market; 5. Market functions of the Transmission System Operators: Ancillary services market – Ancillary services, Need for ancillary services, Procurement of ancillary services, Participation in the balancing energy market;  6. The role of regulation of monopolies, Regulated electricity activities - Transmission and Distribution and System Operators, Transmission services and Transmission System Operator: Decentralised trading over a transmission network, Centralised trading over a transmission network, Role of congestions; 7. Electricity market model in the Republic of Macedonia: Energy Law, Market Rules, Cross-border capacity allocation; 8. South East Europe Regional Wholesale Electricity Market.

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