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Course syllabus - Simulations and forecasting of electricity markets

Scope

7.5 credits

Course code

ERA318

Valid from

Autumn semester 2021

Education level

Second cycle

Progressive Specialisation

A1N (Second cycle, has only first-cycle course/s as entry requirements).

Main area(s)

Energy Engineering

School

School of Business, Society and Engineering

Ratified

2021-01-22

Literature lists

Course literature is preliminary up to 8 weeks before course start. Course literature can be valid over several semesters.

    • Ratified date: 2021-10-11
    • Latest update: 2021-10-11

    Topic based lectures, materials will be provided for each topic.

    Akademin för ekonomi, samhälle och teknik,

Objectives

The aim of the course is to provide basic knowledge on the electricity market structure and on how the market works through numerical simulations. The students will be able to predict the demand and determine the productions from different technologies of electricity generation, based on which to understand how the electricity is traded and how the price is determined.

Learning outcomes

1. Understand day ahead market, intraday market, and balancing market
2. Assess the participation in different markets considering real prices
3. Independently and critically analyze and evaluate energy generation and distribution systems
4. Predict the electricity demand with simple machine learning methods
5. Integrate knowledge about markets, demand prediction and simulation to optimize an energy system/process

Course content

Structure of electricity market
Electricity trading and pricing
Modelling of power generation technologies
Electricity market simulation and optimization
Demand forecasting

Tuition

The theoretic Module will be run in lecture-based mode. Other Modules will be conducted in computer rooms, using different tools, such as SAM, EBSILON, MATLAB, GAMS, etc. Supervision of individual assignments.

Specific requirements

120 hp including 90 hp in engineering or science including 7,5 hp mathematics. In addition Swedish course B/Swedish course 3 and English course A/English course 6 are required. For courses given entirely in English exemption is made from the requirement in Swedish course B/Swedish course 3.

Examination

INL1, Assignment, 4 credits, grade Pass (P) or Fail (F). Learning outcome 2-5
PRO1, Project, 3,5 credtis, grade 3, 4 or 5. Learning outcome 1-5

A student who has a certificate from MDU regarding a disability has the opportunity to submit a request for supportive measures during written examinations or other forms of examination, in accordance with the Rules and Regulations for Examinations at First-cycle and Second-cycle Level at Mälardalen University (2020/1655). It is the examiner who takes decisions on any supportive measures, based on what kind of certificate is issued, and in that case which measures are to be applied.

Suspicions of attempting to deceive in examinations (cheating) are reported to the Vice-Chancellor, in accordance with the Higher Education Ordinance, and are examined by the University’s Disciplinary Board. If the Disciplinary Board considers the student to be guilty of a disciplinary offence, the Board will take a decision on disciplinary action, which will be a warning or suspension.

Grade

Pass with distinction, Pass with credit, Pass, Fail

Interim Regulations and Other Regulations

Overlaps with ERA306, 4 credits