Are Ireland and Northern Ireland a single Electricity Market?

Ireland and Northern Ireland, instead, have been aggregated to form the Single Electricity Market (Single Electricity Market Operator, 2007 ). As explained in Section 2, when included in the model, North Sea Energy Islands are considered as a new offshore bidding zone.

What is Norway's Single Electricity Market?

In line with the approach adopted by ENTSO-E, Norway has been divided into 3 areas, North, Middle and South (NO–N, NO-M, NO–S), where NO–S corresponds to NO1, NO2 and NO5, NO-M to NO3, and NO–N to NO4. Ireland and Northern Ireland, instead, have been aggregated to form the Single Electricity Market (Single Electricity Market Operator, 2007 ).

Are North Sea energy Islands a new offshore bidding zone?

As explained in Section 2, when included in the model, North Sea Energy Islands are considered as a new offshore bidding zone. In addition, the transmission network is included in the market model by means of equivalent interconnectors between bidding zones.

Can wind energy be integrated in the North Sea?

From our results, it seems there might be difficulties in integrating a large amount of wind energy in the North Sea unless grid reinforcements are performed and energy storage or Power-to-X (PtX) solutions are deployed. In particular, congestions arise in the German national grid, resulting in more than 2 TWh of curtailed wind energy.

Will the construction of the energy island justify an investment based on return rate regulation?

As we show in our study in this paper, the construction of the energy island, including the necessary offshore transmission, is beneficial for the European social welfare and therefore will probably justify an investment based on the return rate regulation model.

Does Russia need a new export infrastructure for oil and gas?

The oil and gas investment picture is subject to a high degree of uncertainty. Russia is looking to compensate for the loss of European markets by seeking out new markets in China and South Asia. This has largely succeeded for oil but putting in place new export infrastructure for gas has proved to be much more difficult.