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In this paper we present the methodology of a market model simulating the European day-ahead, intraday and real-time power markets. In a first step the day ahead market is modeled as a common European market including a simultaneous reserve procurement for northern Europe. Secondly, the intra-day market is simulated using the day ahead market results as an input. To reflect the current state of the system, the intraday market is restricted to the Central Western European (CWE) and the Nordic area. The scheduled day ahead dispatch is successively adjusted based on a continues revision of load and wind power forecasts. In a last step, the balancing market is modeled as a real time power dispatch on the basis of intraday market results and remaining deviations. Transfer capacities, start-up costs, technicals constraints of thermal power plants in combination with a high resolution wind power model are used as a data basis for the model. [ABSTRACT FROM PUBLISHER]

In this paper, we analyse the impact of the introduction of more sophisticated types of bids on the wholesale day ahead market for electricity. The Belgian market is taken as a case study with available data used for the period 2007–2010. Sophisticated orders allow physical assets to be allocated in the most efficient way, even if prices deviate significantly from expectations. In this paper we analyse the quantitative impact on spot prices, both in terms of level and variability, if smart bids had been introduced. The main focus lies on tailor made sophisticated orders for pumped storage. The analyses are based on market resiliency data of Belpex, the Belgian Power exchange, and real historical data on available pumped storage plants. The findings could tip the balance to deepening the market coupling along with the widening to other geographical areas. Our results indicate that straight-forward solutions can improve the optimal allocation of scarce resources in the day ahead electricity market. [ABSTRACT FROM PUBLISHER]