Relationship between electricity markets in the Spanish system
Resumen
Since electricity markets were implemented in the 70’s and 80’s around the world, it has
always existed the uncertainty about prices. This uncertainty not only affects the shot-term
problem, when to produce, but also the long-term decisions, when and where to install a
power plant.
In addition, in the last years, renewable energies have experienced a huge development in
terms of technology and installation all over the globe. The introduction of this technologies
into the different electric systems has added to price uncertainty, production uncertainty,
which finally increase the uncertainty in prices too.
In this context of high uncertainty about electricity prices, this thesis aims to provide a reliable
tool to forecast and relate prices for the different electricity markets that take place in the
Spanish system, basically the day-ahead and intraday markets and some reserve markets
managed by REE.
Based on statistical methods and using different types of inputs, for instance, demand or
production by technology, it has been developed a day-ahead price simulator which is able to
provide with an adequate level of reliability prices for the day-ahead market, which is the most
important, in terms of energy traded, in the Spanish system.
Afterwards, and based on this day-ahead predictions, it has been developed a simulator for
the most important markets in the system: all six intraday markets, secondary and tertiary
reserve market and technical constraints market. The thesis pays especial attention to this last
technical constraints markets, which a very particular market of the Spanish system with few
singularities. To begin with, this is not a marginal market, it is cleared as a pay-as-bid
mechanism.
The final objective of the thesis is to offer reliable forecasts of the different markets in order to
provide a global view of the system for a given day to planned properly the strategies of a
company based on the unit portfolio.
Trabajo Fin de Máster
Relationship between electricity markets in the Spanish systemTitulación / Programa
Master in the Electric Power IndustryMaterias/ UNESCO
53 Ciencias económicas5312 Economía sectorial
531205 Energía
12 Matemáticas
1203 Ciencias de los ordenadores
120326 Simulación
Colecciones
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