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.