Functioning of electricity markets
In a liberalised electricity market characterised by increasingly complex market interactions, you need solutions that are even more ingenious and flexible. Would you like to have better insight into the impact of variable renewables on your contract positions and trading strategies? Are you wondering how to navigate through the different electricity markets effectively (namely forward, day-ahead, intra-day and balancing markets)? Do you understand the opportunities and challenges of handling uncertainties in generation and demand? FLEXMARKET is your electricity market simulation guide!
Link generation portfolio to markets
FLEXMARKET is an electricity trading simulation consisting of a game board plus optimisation software, supported by experienced consultants who know the functioning of forward, day-ahead and intraday electricity markets. FLEXMARKET links renewable and conventional generation assets to markets and to human interaction. On the game board, an electricity market is built up from a basic portfolio position, complete with generation and demand units and a defined set of regulations. Participants in FLEXMARKET compete and interact to maximise their profit, affected by uncertainty and unforeseen events. The optimisation software determines resulting trading positions and cash flows, bringing revenues, costs and penalties to light.
Exploring the implications
Generators build up their own generation portfolio conditioned by grid capacity and weather conditions in the different regions. Suppliers must buy electricity to serve their client portfolio whilst accounting for renewable targets. FLEXMARKET also takes uncertainty into account, such as unforeseen outages of conventional plants and forecasting errors in wind/solar generation and electricity demand. The inclusion of such random’ occurrences means that FLEXMARKET reflects market behaviour with surprising accuracy.
Interaction
FLEXMARKET is intended for industry managers and governmental staff. Moreover, the simulation is ideal for learning and understanding about electricity trading under different market models. The electricity trading simulation can accommodate groups of 10 to 24 participants at a time. Interaction between generators and suppliers provides insight and fun and stimulates the development and execution of trading strategies in response to changing market situations. Throughout the game, you are supported by experienced consultants who guide you through the rules of the simulation, the learning process and the analysis of how participants behave when executing their strategies.
Learning goals
FLEXMARKET can be experienced in one day and if necessary condensed into half a day. You may also complement the simulation with knowledge on energy policy, regulation, market design or technology characteristics. Ahead of your FLEXMARKET session, an intake interview is arranged to identify your organisation’s specific learning goals. These goals form the baseline position for your experience with FLEXMARKET.
This game was originally developed about 10 years ago and has since been delivered to many different clients in Europe and globally, including policy makers, regulators, utilities, traders, network operators and others. Most recently, FLEXMARKET was played on several occasions with groups of 20 high-level representatives from Ministries, utilities, regulators and network operators from countries with different market design and regulations for electricity.
Are you ready for a learning experience you will never forget? Then let DNV can bring the FLEXMARKET simulation to you at a location of your choice.
