Mathematical Modelling of Contemporary Electricity Markets

Mathematical Modelling of Contemporary Electricity Markets reviews major methodologies and tools to accurately analyze and forecast contemporary electricity markets in a ways that is ideal for practitioner and academic audiences. Approaches include optimization, neural networks, genetic algorithms, co-optimization, econometrics, E3 models and energy system models. The work examines how new challenges affect power market modeling, including discussions of stochastic renewables, price volatility, dynamic participation of demand, integration of storage and electric vehicles, interdependence with other commodity markets and the evolution of policy developments (market coupling processes, security of supply). Coverage addresses all major forms of electricity markets: day-ahead, forward, intraday, balancing, and capacity.

• Provides a diverse body of established techniques suitable for modeling any major aspect of electricity markets
• Familiarizes energy experts with the quantitative skills needed in competitive electricity markets
• Reviews market risk for energy investment decisions by stressing the multi-dimensionality of electricity markets

Dr. Athanasios Dagoumas is Director of the Energy and Environmental Policy laboratory and Assistant Professor in Energy and Resource Economics at the University of Piraeus. He holds a Diploma in Electrical and Computer Engineering from the Aristotle University in Thessaloniki, where he elaborated his PhD in Energy Economics. He is Member of the Board of the Cambridge Trust for New Thinking in Economics. He has more than 15 years of work and research experience in energy related issues, including working as a Senior Researcher at the University of Cambridge and as a Senior Energy Analyst at the Transmission System Operator and at the Electricity Market Operator in Greece. He was enrolled as a Special Advisor to the Ministry of Environment, Energy and Climate Change in Greece. His extensive experience builds his capacity for an in-depth understanding of multidisciplinary aspects of the energy sector: economic, engineering, environmental and policy. He is keen on developing models for the energy system, the economic-energy-environment (E3) systems and real energy markets.