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Engineering Energy Markets: The Past, the Present, and the Future

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Abstract

Since the beginning of the energy sector liberalization, the design of energy markets has become a prominent field of research. Markets nowadays facilitate efficient resource allocation in many fields of energy system operation, such as plant dispatch, control reserve provisioning, delimitation of related carbon emissions, grid congestion management, and, more recently, smart grid concepts and local energy trading. Therefore, good market designs play an important role in enabling the energy transition toward a more sustainable energy supply for all. In this chapter, we retrace how market engineering shaped the development of energy markets and how the research focus shifted from national wholesale markets to more decentralized and location-sensitive concepts.

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Acknowledgments

The authors would like to thank Dr. Carsten Block and Dr. Florian Salah, both alumni, and Sarah Henni, research assistant at the Institute of Information Systems and Marketing, for their valuable and profound comments during the completion of this chapter.

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Dinther, C.v. et al. (2021). Engineering Energy Markets: The Past, the Present, and the Future. In: , et al. Market Engineering . Springer, Cham. https://doi.org/10.1007/978-3-030-66661-3_7

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