Smart Grid Economics and Information Management
Smart Grid Economics and Information Management (Madlener, V2/Ü2, WS, economics competency, in English)
The focus of this course is on the economics and information management of energy markets. The integration of the growing number of renewable energy sources imposes new challenges on energy markets and the power system. For a better coordination of supply and demand, it is necessary to interlink centralized and decentralized generators, storage devices, as well as consumers with each other by means of information and communication technologies (ICT). Current electricity networks are extended by intelligent ICT components, thus becoming "smart grids". The existing electricity market structures have to be adjusted in order to successfully integrate an increasing number of renewable energy producers, electric vehicles, and new concepts, such as “demand side management”. Apart from regulatory and economic backgrounds, methods to model and analyze energy markets (e.g. agent-based simulation) are introduced and explained during the course.
In the course, the following topics will be covered:
1. Electricity Markets
- Market Models, EEX (spot and futures market), OTC Trade, Market Coupling
- Charges and Incentive Regulation, Network Congestion (Management)
3. Demand Side Management
- Smart Meter, Tariffs, Price Elasticity, Storage Systems, Electric Mobility
4. Modeling and Analysis of Energy Markets
- Multi-Agent Systems
Following a successful completion of the course, the student should:
1. Have an understanding of the economics of energy markets and the power system
2. Have an understanding of the challenges associated with the integration of growing number of renewable energy sources
3. Comprehend the notion of “Smart Grid” and the integration of intelligent IT components
4. Have learned the regulatory background of energy markets
5. Came to grasp with modeling and analyzing energy markets (i.e. agent-based simulation).
Basic knowledge in Microeconomics and Energy Economics
Successful examination (100%, graded, 60 min.) or, if no. of participants is <12, alternatively an oral examination in groups of 3-4; (100%, graded, 60min.)
Module Component: Exercise units organized in small groups of up to four students (successful and regular participation yields 3 bonus points on results of passed examination.