Empirically based electricity market modeling with open data (EfeMOD)

The aim of the EfEMOD project is to use publicly available data to determine empirical estimates for the parameters of energy system and energy market models. On the one hand, finely resolved energy system models are to be improved in their parameterization and, on the other hand, more aggregated energy market models are to be strengthened in their medium-term forecasting capability.

The validity of the determined model specifications is to be tested by backtesting with out-of-sample forecasts. One objective here is the development of problem-adapted model quality criteria. These should support the ability of the models to map extreme events or improve the management of demand flexibility and storage. With regard to the future use of the improved price models, it is also planned to use the various model approaches, including combined hybrid approaches, for the evaluation of selected demand-side flexibilities.

By providing publicly available model specifications, different stakeholders in the energy transition will also be supported in questions of portfolio and risk management in the sense of an open science approach.

Contact: Jonathan Berrisch, Florian Ziel

Project partner: Chair of Energy Economics, University of Duisburg-Essen https://www.ewl.wiwi.uni-due.de/