ATLAS: A Model of Short-term European Electricity Market Processes under Uncertainty

TL;DR

The paper introduces ATLAS, a detailed simulation model of European electricity markets that captures the effects of actor behavior, forecast errors, and technical constraints from day-ahead to real-time balancing.

Contribution

It presents a comprehensive, high-detail simulation framework for European electricity markets incorporating strategic actor decisions and technical constraints under uncertainty.

Findings

Model effectively simulates market dynamics and actor interactions.

Captures impact of forecast errors on market outcomes.

Provides insights into system balancing under uncertainty.

Abstract

The ATLAS model simulates the various stages of the electricity market chain in Europe, including the formulation of offers by different market actors, the coupling of European markets, strategic optimization of production portfolios and, finally, real-time system balancing processes. ATLAS was designed to simulate the various electricity markets and processes that occur from the day ahead timeframe to real-time with a high level of detail. Its main aim is to capture impacts from imperfect actor coordination, evolving forecast errors and a high-level of technical constraints--both regarding different production units and the different market constraints.