Empirically based electricity market modelling with open data (EfeMOD)

The aim of the EfEMOD project is to systematically utilise publicly available data, in particular from the ENTSOE transparency platform, in order to determine empirical estimates for the parameters of energy system and energy market models. The aim is to improve the parameterisation of technologically finely resolved energy system models as well as to strengthen the medium-term forecasting capability of more aggregated energy market models.

The validity of the model specifications determined is to be tested by backtesting with out-of-sample forecasts. The aim is also to develop problem-adapted model quality criteria with which, for example, the ability of the models to depict extreme events or support the management of demand flexibility and storage can be assessed. With regard to the future use of the improved price models, it is also planned to use the various modelling approaches, including combined hybrid approaches, for the assessment of selected demand-side flexibilities.

By providing publicly available model specifications, the aim is also to support various stakeholders in the energy transition with portfolio and risk management issues in the sense of an open science approach.

Duration: 2024 - 2027

Contact person: Jie Xu

Funded by grants from the federal budget (funding reference 03EI1080)

Project partner: Chair for Data Science in Energy Economics, University of Duisburg-Essen