Abstract
In the liberalized wholesale electricity market in Europe, the balancing market is used to collect balancing energy bids and offers, helping the Transmission System Operators (TSOs) to purchase balancing energy with the aim of settling deviations from the nominal frequency in their regulation zones. The aim of the paper is to present a concept of an innovative solution for creating a common European balancing market as it is described in the European Regulation, namely the Guideline on Electricity Balancing. The solution proposed in the H2020 European project CROSSBOW is a System market platform for mFRR. It could serve as a common European balancing market which could lower the balancing costs in the region by using cross-border balancing energy. This would increase social welfare in the region as well as enable harmonisation of regulatory frameworks and legislation in the region by introducing a minimum set of harmonized rules for market participation.
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