Electricity markets are known as the most efficient way of optimizing the electricity industry. Introducing competition in the electricity industry creates very sharp incentives for market participants to reduce the total cost of the electricity industry.To achieve the cost-minimization objectives the design of electricity markets matters a lot. Research in this area focuses on different designs for electricity markets which makes the whole electricity industry more efficient. An efficient electricity market design leads to lower electricity prices for end customers.
We provide mathematical models and theoretical analysis of the current electricity market designs. Our proposed mathematical models help in better decision making by market participants. The theoretical findings provide insights on strengths and weaknesses of the current designs. We also provide new designs for electricity markets to make the operational and investment decisions more efficient for the whole industry.
The Theoretical analysis and Mathematical modeling are two main approaches we use for our studies. Optimization theory, equilibrium programming, economics theory and operations research are the main scientific tools for us.
Electricity markets, operations research, economics theory
Dr Mohammad Reza Hesamzadeh (Docent – Associate Prof.), KTH
Links and References
Additional funding (apart from StandUp for Energy)
SETS Program, SWEGRIDS, Swedish Energy Agency to name a few.