TradeRES - The Project
The ambition of this project is to develop and test an innovative electricity market design that can meet society’s needs in a near 100% renewable power system.
Main objectives of the project
The work plan of TradeRES project is organized in 7 work packages, one (WP1) for coordination and management and another (WP7) for efficient dissemination and exploitation of results. The research and development are concentrated in four work packages (WP2, WP3, WP4 and WP5) that interface closely with the stakeholders (operators of market, aggregators, VRE power plants, energy network communities) through a dedicated work package (WP6).
In this project, a market design will be developed that meets these objectives. It will be tested in a sophisticated simulation environment in which real-world characteristics such as actors’ limited foresight into the future and risk aversion are included. The performance of the market design – with respect to quantitative indicators such as security of supply, average costs to consumers and investment cost recovery – will be compared to a benchmark calculation of an optimal power system, which will also be developed in this project. We will involve representatives of all key stakeholder groups – consumers, large and small power generators, network operators and government in all phases of the process, in the market design as well as the development of the optimization and simulation models, in order to ensure the social acceptability of the research process and outcomes.