BELIEVE – Building Enhanced financial resiLience by Integrating Environmental Variability into Economic dispatch

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Title
BELIEVE – Building Enhanced financial resiLience by Integrating Environmental Variability into Economic dispatch
CoPED ID
1d01974b-5d95-4f39-a80c-b0e05168d214
Status
Active
Funders
Innovate UK
Innovate UK
Innovate UK
Innovate UK
Innovate UK
Value
£1,724,210
Start Date
Feb. 1, 2023
End Date
Jan. 31, 2024
Description

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The BELIEVE project will develop an enhanced electricity market modelling framework based on improving the simulation of weather and climate variability on market dynamics in future generation scenarios. This is currently not well characterised and is increasingly a concern for investor confidence as markets evolve with increased renewable energy penetration.

The modelling will better account for changes in demand and generation and deliver the new insights needed by energy market participants.

The project is led by the Institute for Environmental Analytics, an applied R&D centre specialising in weather and climate analytics at the University of Reading.

UNIVERSITY OF READING LEAD_ORG
UNIVERSITY OF READING PARTICIPANT_ORG

Subjects by relevance
  1. Climate
  2. Climate changes
  3. Electricity market
  4. Modelling (representation)
  5. Simulation
  6. Renewable energy sources
  7. Scenarios
  8. Energy production (process industry)

Extracted key phrases
  1. Building enhanced financial resilience
  2. BELIEVE project
  3. Electricity market modelling framework
  4. Environmental Variability
  5. Energy market participant
  6. Economic dispatch
  7. Environmental Analytics
  8. Market dynamic
  9. Renewable energy penetration
  10. Future generation scenario
  11. Climate variability
  12. Climate analytic
  13. R&d centre
  14. New insight

Related Pages

UKRI project entry

UK Project Locations