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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractEU power market design has been focused on facilitating trading between countries and for this has defined interfaces for market participants and TSOs between countries. The operation of power systems and markets within countries was not the focus of these developments. This may have contributed to difficulties of defining or implementing a common perspective in particular on intraday and balancing approaches. This motivated us to pursue an in depth review of six European power markets to contribute to a better understanding of the common elements, differences and the physical and institutional reasons for these. With this paper we aim to present the main insights emerging from the reviews and to identify where there is a need for alignment of operational aspects and shortterm trading arrangements, taking into account system requirements individual member states face in operating their power system.

There is a high level of financial risk associated with the direct participation of wind generation in liberalised electricity markets, due to the stochastic nature of output and imbalance charges set by market prices. The positioning of generation with respect to the market is therefore critical to successful trading activities. Examined is the use of risk characterisation to select the best output level for a wind generator to trade, dependant on maximising revenue and managing marginal costs from imbalances in a competitive market situation. Trading strategies based on utility risk assessment are presented as a possible way to improve market participation for wind generators based on these criteria

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To trade effectively and profitably in new electricity market structures, participants need to identify how best to use information available to them. In many cases only incomplete information will be available for short-term planning, trading and decision-making. This paper simulates a group of generators who adapt bidding behaviours in different segments of liberalised electricity markets based on historic market information, observed strategies and their view of other market participants. Results show that even in the incomplete information case efficient bidding strategy for market participants can be identified. Specifically, this paper presents some key findings from an active electricity market and utilises them within an electricity market simulation. The benefit of market simulation for participants is identified and reported