Offshore wind and hybrids - A counterfactual case study for impacts in the coupled day-ahead market of Europe
Felix Jakob Fliegner, Helge Esch, Thure Traber, Marius Schrade
TL;DR
This study explores how adding a hybrid offshore wind interconnector in the Baltic Sea could improve European electricity market efficiency and benefits.
Contribution
The study uses real-world data and a counterfactual approach to evaluate hybrid offshore interconnectors' impact on European electricity markets.
Findings
A hybrid interconnector between the Baltic States and Germany would increase European welfare compared to a radial wind farm setup.
Price effects and power exchanges from hybrid interconnectors extend beyond host countries, requiring basin-wide planning.
Hybrid setups alter surplus distribution among producers, operators, and consumers, highlighting economic complexity.
Abstract
Europe’s ambitious offshore wind targets hinge on the development of a single interconnected electricity market, with offshore hybrid interconnectors playing a pivotal role. These interconnectors facilitate both wind energy transmission to shore and cross-border trade, while enhancing market and grid efficiency. This study attempts to quantify these effects through a study of an additional hybrid interconnector in Europe’s present day-ahead electricity market at the example of the Baltic Sea. Using the Euphemia algorithm for single day-ahead market coupling with historical order books from 2023 and 2024, the analysis evaluates power prices, cross-border flows, and economic surplus. It applies a counterfactual “what-if” analysis to real-world market conditions which differs from commonly employed fundamental market modeling. Results reveal that a hybrid interconnector between the Baltic…
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Taxonomy
TopicsIntegrated Energy Systems Optimization · Electric Power System Optimization · Wind Energy Research and Development