Increasing the Flexibility of Continuous Intraday Markets in Europe

Abstract

The FLEXITRANSTORE project inter alia aimed at improving the flexibility of the organized, wholesale electricity markets of Bulgaria and Cyprus fitted into the European electricity market framework. The paper introduces the market settings of these countries and defines the intraday time horizon as a focus for the research. The authors take into account the needs of the different market participants in order to increase the flexibility of the electricity market. After a review and evaluation of the currently available spot market products and orders, the authors propose the introduction of new orders and products on the intraday market so that the trading capabilities of storage and DSM-based technologies are facilitated. The suggestions would help the integration of variable renewable generation as the participation of new flexibility providers such as storage owners and aggregators are facilitated. The most significant proposals of the authors are the volume constrained and the cumulative volume constrained order types that are realized by proposing a new set of execution constraints for existing basket orders. The paper also highlights the advantage of the novel orders compared to the recent product developments of power exchanges.