E-PRICE, the sophisticated and highly innovative simulation platform for complex energy markets
The recent globalization, liberalization, and diversification of the energy market urge the solution to both long-standing and new technical and economical challenges. Besides conventional issues like the finite capacity of the power grid and the difficulty of storing energy, several new problems arise: The use of renewables and the steadily increasing number of stakeholders make the entire supply-chain of energy much more unpredictable and fast evolving, power plant operations and trading strategies are growing ever more intertwined.
The E-PRICE European project addresses these challenges by proposing new engineering techniques for solving real-time decision-making problems. The project collects and blends together innovative ideas from the different disciplines of control, computing, communication, economics, and of course power systems. Its ultimate goal is the development of an ICT platform that assists the decision maker in optimizing economic objectives under constraints on plant and grid operations.
Energy market simulators can be very useful to test the impact on the financial and/or the physical systems linked to a specific commodity.
ORS is part of the E-Price consortium working within the 7th framework research program of the EU on the construction of a financial and physical electricity market simulator that is used to test and evaluate new paradigms in system primary control.
ORS has worked with the Dutch TSO, the APX market and several primary European universities and companies and is the only software development company in the consortium. The software is designed to be applied to any kind of energy market and to be able to simulate its key actors’ behavior.