Up to now, the European natural gas trade was dominated by bilateral long-term upstream agreements between producers and midstreamers that fixed a minimum volume to be exchanged (Take Or Pay) and a price formula that was usually indexed on oil products prices. These arrangements were believed to...

An efficient congestion management system is a necessary condition to remove obstacles to the cross border trade of electricity in Europe and hence to move towards an internal electricity market. Locational marginal pricing (LMP) is progressively becoming the benchmark of congestion management...

Former generation capacity expansion models were formulated as optimization problems. These included a reliability criterion and hence guaranteed security of supply. The situation is different in restructured markets where investments need to be incentivised by the margin resulting from...

We present a model of generation and network investment in a competitive electricity system. The model focuses on the duality of long- and short-term locational signals introduced in the European Regulation 1228/2003 for enhancing cross border trade of electricity among Member States. The model...