At present energy markets, policy and regulation face major decarbonisation and security challenges.
The main environmental challenge is to reach a net zero economy by 2050. To reach such an ambitious aim countries are required to develop energy roadmaps for 2050 with national Long-Term Strategies and National Energy and Climate Plans. These documents highlight the need to reduce fossil fuel usage, develop renewables, and switch to more electrified economies.
Secondly, to achieve greater economic security in energy markets European countries need to ensure that their power systems are more interconnected and synchronized where possible. From March 2022 Ukraine become an observed member of the ENTSO-E with a capacity of 0.9 GW and the ability to expand it to a total of 2.0 GW. That means benefits for both Ukraine and the EU in improving countries’ financial situation and energy security, acquiring additional flexibility and balancing options, and receiving frequency support.
Despite its withdrawal from the EU, the UK remains a member of the ENTSO-E energy union. Expanding National Grid`s interconnectors to ENTSO-E by 2030 is beneficial for the UK in the reason of getting clean resources, better dispatching, and taking better energy value overall for consumers. Therefore, the development and extension of ENTSO-E are valuable for the countries, its business, and customers.
Lastly, energy markets are also facing challenges related to the increasing prices that force national governments to seek solutions to support consumers, as well as switch their focus from total decarbonization to energy security.
To reach the net zero and meet highlighted incentives, European countries are involved in developing policies and improving market mechanisms which need to foster the transition to more flexible energy systems and grids, state-of-the-art market design, and investment possibilities.
The main objectives of the planned research project are as follows:
- Perform comparative analyses between existing energy markets, policies, and pricing principles in the UK, EU, and Ukraine.
- Coordinate future energy markets in UK and Ukraine into existing and future European energy systems.
- Analyze issues related to price forecasting and optimal bidding strategies in electrical power markets.
- Investigate innovative and state-of-the-art data-driven methods for solving the challenges in future energy markets design and development.
The project is devoted to investigating the effective solutions for best data-driven decisions in energy market policies, coordinating future energy markets into existing and future European inseparable energy systems, and considering issues related to price forecasting and optimal bidding strategies in electrical power markets.
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Related Research Group(s)
Brunel Interdisciplinary Power Systems - Power systems analysis for transmission and distribution networks, smart grids; congestion monitoring in transmission networks; simulation and analysis of new energy markets; optimisation of the design and operation of electrical networks; condition monitoring of power station and power system plant; energy-efficient designs for underground electric power cables.
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Project last modified 09/11/2022