Danish researchers and companies have developed a new simulation model, Power Market Simulator, which is intended to give energy companies and researchers better insight into the price development of the electricity market in Europe.
The Power Market Simulator is intended to help energy companies, project developers, teachers and students better understand the flow of electricity and the mechanisms of the electricity market. According to Flemming Nissen from Strategirummet, who has helped develop the model, previous models have not taken into account the real flow of electricity, but only calculated on maximum capacity.
- Previously, the real flow of electricity has not been calculated. The maximum capacity in the electricity grid is known, for example between Denmark and Norway, but Ohm's law is not taken into account in practice. To ensure that the lines are not overloaded, reserve buffer capacity is added. And it costs money, says Flemming Nissen, CEO of Strategirummet.
The model may be useful in the future, where increased electrification of society makes it crucial to have an exact insight into the electricity market's price development, so that economically sustainable decisions can be made about investments and the purchase and sale of energy.
- The individual producers of electricity in Europe have a great interest in getting a quote on the price development in relation to the electricity market. And those who have to buy and use the electricity have an interest in getting it as cheaply as possible. Power Market Simulator, our new model, can help everyone gain increased insight for the benefit of better and more precise decisions,” says Flemming Nissen.
The model has been developed in collaboration between the company Strategirummet, researchers from SDU's Department of Mathematics and Computer Science and Danish Energy Economics. The innovation project, called "Further development and verification of the market simulator", is facilitated by Energy Cluster Denmark and funded by the European Commission and the Danish Business Development Agency. This is stated in a press release by Energy Cluster Denmark.
The model is now ready for use and, according to the developers, should ensure better economic decisions about investments in the energy sector.
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