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Increasing Space Granularity in Electricity Markets

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Increasing Space Granularity in Electricity Markets INCREASING SPACE GRANULARITY IN ELECTRICITY MARKETS INNOVATION LANDSCAPE BRIEF © IRENA 2019 Unless otherwise stated, material in this publication may be freely used, shared, copied, reproduced, printed and/or stored, provided that appropriate acknowledgement is given of IRENA as the source and copyright holder. Material in this publication that is attributed to third parties may be subject to separate terms of use and restrictions, and appropriate permissions from these third parties may need to be secured before any use of such material. ISBN 978-92-9260-128-7 Citation: IRENA (2019), Innovation landscape brief: Increasing space granularity in electricity markets, International Renewable Energy Agency, Abu Dhabi. About IRENA The International Renewable Energy Agency (IRENA) is an intergovernmental organisation that supports countries in their transition to a sustainable energy future, and serves as the principal platform for international co-operation, a centre of excellence, and a repository of policy, technology, resource and financial knowledge on renewable energy. IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity. www.irena.org Acknowledgements This report was prepared by the Innovation team at IRENA’s Innovation and Technology Centre (IITC) and was authored by Arina Anisie, Elena Ocenic and Francisco Boshell with additional contributions and support by Harsh Kanani, Rajesh Singla (KPMG India). Valuable external review was provided by Helena Gerard (VITO), Pablo Masteropietro (Comillas Pontifical University), Rafael Ferreira (former CCEE, Brazilian market operator) and Gerard Wynn (IEEFA), along with Carlos Fernández, Martina Lyons and Paul Komor (IRENA). Disclaimer This publication and the material herein are provided “as is”. All reasonable precautions have been taken by IRENA to verify the reliability of the material in this publication. However, neither IRENA nor any of its officials, agents, data or other third-party content providers provides a warranty of any kind, either expressed or implied, and they accept no responsibility or liability for any consequence of use of the publication or material herein. The information contained herein does not necessarily represent the views of all Members of IRENA. The mention of specific companies or certain projects or products does not imply that they are endorsed or recommended by IRENA in preference to others of a similar nature that are not mentioned. The designations employed and the presentation of material herein do not imply the expression of any opinion on the part of IRENA concerning the legal status of any region, country, territory, city or area or of its authorities, or concerning the delimitation of frontiers or boundaries. Photographs are from Shutterstock unless otherwise indicated. This document does not represent the official position of IRENA on any particular topic. Rather, it is intended as a contribution to technical discussions on the promotion of renewable energy. www.irena.org BENEFITS 1 Short term: Avoid costly re-dispatch and incentivise demand response in areas with high prices Incentivise investments in VRE Long term: Increasing space generation in areas with high prices granularity in Optimise network and Incentivise investments in the grid electricity markets generation capacity investments between areas with high price through price signals differences SNAPSHOT KEY ENABLING FACTORS 3 2 In the US, ERCOT (Texas) has more than 4 000 Advanced computational power and pricing nodes, while NYISO (Ney York) has 11 optimisation modelling software zones. This encourages investments in areas with the highest demand and reduces consumption. Clear and transparent pricing methodology In Europe, some countries divide their national transmission system into more bidding zones: Denmark (2), Italy (6), Norway (5) and Sweden (4). WHY INCREASE SPACE GRANULARITY? High shares of VRE deployment, in particular wind, might constrain transmission networks. INCREASING SPACE GRANULARITY IN ELECTRICITY MARKETS Zonal and nodal pricing refl ect grid congestions. Increasing space granularity in electricity markets can help reduce re-dispatch costs and drive investments where most needed. INNOVATION LANDSCAPE BRIEF ABOUT THIS BRIEF his brief forms part of the IRENA project to create actual flexibility solutions for power T“Innovation landscape for a renewable-powered systems. Solutions to drive the uptake of solar future”, which maps the relevant innovations, and wind power span four broad dimensions identifies the synergies and formulates solutions of innovation: enabling technologies, business for integrating high shares of variable renewable models, market design and system operation. energy (VRE) into power systems. Along with the synthesis report, the project The synthesis report, Innovation landscape for a includes a series of innovation landscape briefs, renewable-powered future: Solutions to integrate each covering one of 30 key innovations identified variable renewables (IRENA, 2019), illustrates the across those four dimensions. The 30 innovations need for synergies between different innovations are listed in the figure below. INNOVATION DIMENSIONS ENABLING TECHNOLOGIES BUSINESS MODELS MARKET DESIGN SYSTEM OPERATION 1 Utility-scale batteries 12 Aggregators 17 Increasing time 25 Future role of distribution 2 Behind-the-meter 13 Peer-to-peer electricity granularity in electricity system operators batteries trading markets 26 Co-operation between 14 Energy-as-a-service 18 Increasing space transmission and 3 Electric-vehicle granularity in electricity distribution system smart charging 15 Community-ownership markets operators 4 Renewable models 19 Innovative ancillary power-to-heat 16 Pay-as-you-go models 27 Advanced forecasting services 5 Renewable of variable renewable 20 Re-designing capacity power-to-hydrogen power generation markets 28 Innovative operation 6 Internet of things 21 Regional markets of pumped hydropower 7 Artificial intelligence 22 storage and big data 23 Market integration 8 Blockchain 29 Virtual power lines of distributed energy 30 Dynamic line rating 9 Renewable mini-grids resources 10 Supergrids 24 Net billing schemes 11 Flexibility in conventional power plants 4 INCREASING SPACE GRANULARITY IN ELECTRICITY MARKETS This innovation landscape brief applies to liberalised, open electricity markets, where vertical integrated utilities have been unbundled The brief is structured as follows: and there is competition in electricity generation. It examines a key market design innovation I Description of increasing space granularity in electricity markets (using nodal or zonal pricing), which II Contribution to power sector transformation addresses the variability and uncertainty of VRE share in the grid. As the share of VRE increases III Key factors to enable deployment in the overall energy mix, congestion in the transmission network is likely to increase as well. IV Current status and examples of ongoing Electricity price formation at different points of initiatives the transmission system reflecting congestion can help to reduce the re-dispatch need and V Implementation requirements: Checklist can incentivise transmission grid investments in right locations. 5 INNOVATION LANDSCAPE BRIEF I. DESCRIPTION s the share of VRE increases in the energy electricity market, whereby electricity is Amix, it may lead to an increasingly constrained traded across bidding zones, based on transmission system. Price formation at a available transmission capacities calculated granular spatial level can reflect this condition by TSOs, while the electricity traded within and send the necessary price signals in order to a bidding zone is considered unrestricted by avoid or reduce costly re-dispatch, incentivise transmission capacity. While in most cases a demand response, and encourage generation bidding zone corresponds to national borders, capacity investment in the right location of the there are countries that divide their power network. system into more zones. Italy, for example, has divided the national transmission system into When referring to space granularity in electricity six geographical bidding zones (GME, n.a). markets, there are two fundamentally different market designs, as described below (IRENA, With increasing penetration of VRE, transmission 2017). networks are expected to become more congested between areas with relatively high • Nodal pricing: Nodal pricing refers to prices renewable generation units and demand centres. paid for electricity consumed or generated at Increased space granularity in electricity markets a given transmission node. Under this option, can help provide better market signals to the transmission constraints are explicitly observed system operator and generators, incentivising while determining the optimal dispatch of the investments in high-priced zones. "Several issues system and deriving the locational marginal are to be taken into account when estimating prices. Nodal pricing better depicts the the benefits of these two approaches: the technical and economic effects of the network efficiency of the resulting price signals (both on the price of electricity as it implicitly includes in the short and long term), the computational the impact of grid losses and transmission burden and implementation
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