Work Package #3
WP3 – Market Design and Regulation for ~100% Renewable Power Systems
Leader – TUDelft
Description – WP3 designs new electricity markets for a ~100% RES power systems, finds reliable and economically efficient power systems that meet CO2 targets, incites adequate, stable and economically efficient investment, finds efficient variable renewable generation operational incentives and proposes stimulations for flexibilities. The market design process of this WP will take place iteratively with the model development in WP4 and their application in WP5: if the simulated market performance is not good enough as compared to the benchmark, which is developed in WP2, the iteration cycle will restart, and the market design and modelling tools will be improved. Moreover, there will be close cooperation with WP6, as representative stakeholders will be involved in the market design process. The outcomes of this work package contribute to WP4, where tools to simulate new energy-integrated electricity markets are developed.