Electricity Markets

Course title: Electricity Markets

Code: 3ФЕИТ09З017

Number of credits (ECTS): 6

Weekly number of classes: 3+2+0+0

Prerequisite for enrollment of the subject: Taken course: Economics for Engineers

Course Goals (acquired competencies): This course is designed to provide basic 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.

Total available number of classes: 180

Course Syllabus: Need for competition in the electricity sector. Policy in the electricity sector, legal and organizational models of competition. Electricity markets: Markets models; Time frame. Types of electricity markets: Decentralized markets - Bilateral physical and financial contracts; Centralized electricity markets: Spot-market - Day-ahead market;  Intra-day market;  Ancillary services market. Security of supply and ancillary services: Valorization of ancillary services, Procurement of ancillary services - balancing mechanism. Impact of the transmission networks to the electricity markets: Decentralized trading over a transmission network - physical transmission rights, Centralized trading over a transmission network - congestion, nodal prices, merchandising surplus. Mathematical formulation of nodal pricing, risk management. Integration of electricity markets: European target market model; Regional electricity markets.

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